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Case Citations [1] (July 2020 - April 2021)

handle is hein.ali/relwsec0592 and id is 1 raw text is: SECURITY DIVISION II. SURETYSHIP CHAPTER 3. NATURE AND CREATION OF SURETYSHIP § 82. Suretyship Defined C.A.Fed.2020. Quot. in diss. op. After government contractor that was terminated for default filed claims against the government before the Armed Services Board of Contract Appeals (ASBCA), the government sued surety, seeking to recover on a performance bond surety had issued to guarantee contractor's performance. Although surety entered into a settlement with the government, in which it tendered a new contractor to complete the work and agreed to dismiss its appeal in exchange for the government's agreement to release it from liability related to the bond, the ASBCA denied surety standing on the ground that it was not a contractor, thereby preventing the settlement from being completed. This court denied surety's petitions for panel hearing and for rehearing en banc. The dissent cited the definition of suretyship set forth in Restatement of Security § 82 in arguing that surety agreed to assume contractor's obligations in the event it defaulted, and that surety was therefore entitled to assert contractor's claims under the doctrine of equitable subrogation. Guarantee Company of North America, USA v. Ikhana, LLC, 959 F.3d 1354, 1356. COPYRIGHT ©2021 By THE AMERICAN LAW INSTITUTE All rights reserved Printed in the United States of America For earlier citations, see the Appendices, Supplements, or Pocket Parts, if any, that correspond to the subject matter under examination. ALI

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