The opinion of the court was delivered by: Anthony W. Ishii Chief United States District Judge
STIPULATION FOR RELEASE OF FUNDS AND DISMISSAL; AND ORDER THEREON
THIS STIPULATION FOR RELEASE OF FUNDS AND DISMISSAL ("Stipulation") is made by and among GREAT AMERICAN INSURANCE COMPANY, an Ohio corporation ("GAIC"); AUTOMOTIVE FINANCE CORPORATION, an Indiana corporation ("AFC"); LOBEL FINANCIAL CORPORATION, a California corporation ("LOBEL"); NISSAN OF BAKERSFIELD, a California corporation ("NISSAN"); and the CALIFORNIA DEPARTMENT OF MOTOR VEHICLES, (the "DMV")(collectively the "Parties") as follows:
1.1 Whereas, disputes have arisen between the Parties to this Stipulation which are reflected in the Complaint in Interpleader filed in the United States District Court, Eastern District of California as case number 1:09-cv-00512-AWI-GSA by Plaintiff GAIC, which alleged, among other things, that AFC, LOBEL, NISSAN and the DMV, have made claims against that certain Dealer Surety Bond # FS9162220 ("Bond") issued by GAIC pursuant to the California Vehicle Code § 11710 et seq., in which HACIENDA MOTORS, INC. is named as principal. The allegations of the Complaint are incorporated by reference herein for informational purposes only.
1.2 Whereas each Party to this dispute has denied, and continues to deny, the material allegations and claims of the other Parties against it.
1.3 Whereas, the Bond amount is $50,000.00. 1.4 Whereas, the Parties agree that GAIC is entitled to recover its attorney's fees and costs from the Bond corpus pursuant to Code of Civil Procedure § 386.6, and has incurred attorney's fees and costs in the amount of $5,180.50. After deducting GAIC's fees and costs, the balance remaining on the Bond is $44,819.00.
1.5 Whereas, AFC's claim is in the amount of $10,594.86;
1.6 Whereas, LOBEL's claim is in the amount of $7,485.02;
1.7 Whereas, NISSAN's claim is in the amount of $7,100.00; and
1.8 Whereas, the DMV's claim is in the amount of $773.00.
1.9 Whereas, all other claimants have either been defaulted or dismissed from the action, and GAIC has been discharged and excused from further participation in this matter.
1.10 Whereas, this Stipulation is entered into by the Parties for the sole purpose of resolving the First Cause of Action in Interpleader and the Seventh Cause of Action for Declaratory Relief. As such, nothing in this Stipulation shall affect the claims of indemnity by GAIC against remaining defendants Jamie Salazar, Jr. and Teresa Salazar. Upon the execution of the attached Order, the Parties agree that the First and Seventh Causes of Action shall be dismissed with prejudice as to the Parties only.
2. NOW, THEREFORE, IN VIEW OF THE FOREGOING AND FOR GOOD AND VALUABLE CONSIDERATION, THE RECEIPT OF WHICH IS HEREBY ACKNOWLEDGED, STIPULATION FOR RELEASE OF FUNDS AND DISMISSAL; AND ORDER THEREON THE PARTIES STIPULATE AND AGREE AS FOLLOWS:
2.1 Each party hereto agrees and stipulates that the balance of the Bond shall be paid and released to the Parties and to no others in full satisfaction of each's Bond claim as follows:
a. AFC shall receive shall receive $10,594.86, which represents the entire amount of its claim;
b. LOBEL shall receive $7,485.02, which represents the entire amount of its claim;
c. NISSAN shall receive $7,100.00, which represents the entire amount of its claim; and
d. DMV shall receive $773.00, which represents the entire ...