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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.

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