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BROADWAY NAT. BANK v. PROGRESSIVE CAS. INS. CO.

No. 90 Civ. 6953 (MBM).

775 F.Supp. 123 (1991)

BROADWAY NATIONAL BANK, Plaintiff, v. PROGRESSIVE CASUALTY INSURANCE COMPANY, Defendant.

United States District Court, S.D. New York.

October 7, 1991.

Attorney(s) appearing for the Case

Peter J. Mastaglio, Cullen and Dykman, Garden City, N.Y., for plaintiff.

Bradford R. Carver, Hermann, Cahn & Schneider, Cleveland, Ohio, for defendant.

OPINION AND ORDER

MUKASEY, District Judge.

Plaintiff, Broadway National Bank ("Broadway") sues its insurer, the Progressive Casualty Insurance Company ("Progressive"), under a Financial Institution Bond (the "Bond"), for losses sustained when credit card sales drafts deposited by a merchant customer proved uncollectible. Progressive contends that recovery is barred by two exclusionary clauses in the Bond. The parties have cross-moved for summary judgment...

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