Transamerica Ins. Co. v. Barnett Bank of Marion County, NA

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• recognizing that the purpose of a surety is to protect the owner of the bond
• recognizing that the purpose of a surety is to protect the owner of the bond
• holding that a surety’s subrogation right is not a security interest yet supersedes a security interest of a contract as-signee, such as a bank with an interest in a debtor’s accounts receivable
• stating that “it is appropriate to give priority to the claims of the surety, up to the limits of its performance”
• adopting ‘“federal view’ that sureties ha[ve] priority [over other creditors] by virtue of equitable subrogation”
• “rights of the surety as subrogee are not inferior even to the rights of the obligee and may be asserted against the obligee.”

Source: CourtListener parenthetical corpus (CC0).