Metric Institutional Co-Investment Partners II v. Golden Eagle Ins. Co.
Opinion
Opinion
Newsom, J.
In this appeal, we are asked to review the continued validity of County of Los Angeles v. Hartford Acc. & Indem. Co. (1970) 3 Cal.App.3d 809 [ 83 Cal.Rptr. 740 ], with respect to the liability of a surety on a subdivision tax bond required for condominium conversion.
On April 17, 1990, Amador Oaks Partners, as principal, and Golden Eagle Insurance Company (hereafter Golden Eagle), as surety, executed a subdivision tax bond assuring the payment of property taxes for the tax year 1990-1991 on an apartment complex in Alameda County. The bond was required by Government Code section 66493, subdivision (a), as a condition to filing a final tract map of the complex to permit its conversion to condominiums. The map, filed the following day, identified the property as Lot 1, Tract 5872, Map Book 190, pages 27 to 31, Alameda County Records. On April 19, 1990, Amador Oaks Partners sold the property to appellant Metric Institutional Co-Investment Partners II (hereafter Metric). The general partner of Amador Oaks Partners, J. L. Construction Company, Inc., continued to manage the property under a written agreement with the purchasers.