Old Colony Life Insurance v. Moeglein

December 11, 1923, plaintiff, having on deposit in the Pierz State Bank about $5,000, wrote a letter to defendant, who was the president of this bank and who was the active vice-president of the Merchants State Bank of Little Palls, asking the latter bank to guarantee the deposit in the former bank. Defendant on December 17, answering, wrote:

“I have charge of the Pierz State Bank and hare things very well in hand. While I cannot guarantee the deposits in that bank as an officer of this bank, I can assure you that no one that puts a dollar in there will lose it. If it is necessary, we can pay…