Opinion ID: 767887
Heading Depth: 1
Heading Rank: 1

Heading: introduction

Text: 1 This appeal arises from a dispute concerning coverage under a savings and loan blanket fidelity bond the appellee, Fidelity and Deposit Company of Maryland (F&D), issued to City Federal Savings Bank (City Federal), in 1987. In particular, the Federal Deposit Insurance Corporation (FDIC), as statutory successor to the Resolution Trust Company (RTC), appeals the district court's order of summary judgment entered against it on January 29, 1998, on its action on the bond. 1 It contends that the district court erred in holding that no reasonable jury could conclude, based on the evidence presented, that City Federal discovered a covered loss within the bond period as required by the bond's terms for there to be coverage. In response, F&D asserts that the district court's ruling on the discovery issue is correct, and that alternatively, it is entitled to summary judgment because the loss City Federal sustained is not covered by the bond. For the reasons that follow, we will reverse the district court's order of summary judgment, and remand the matter to the district court for further proceedings consistent with this opinion.