Liberty State Bank v. American Surety Co.

Taylor, C.

Plaintiff is a state bank organized in 1917 with a capital of $25,000 and located in the city of St. Paul. Its business was managed and conducted by J. D. Barr, its cashier, and N. J. Graden, its assistant cashier and bookkeeper, from its organization until they resigned by request—Barr on August 12, 1921, and Graden on December 15, 1921. Plaintiff procured a bond from the American Surety Company by wbicb that company bound itself to reimburse plaintiff for any pecuniary loss sustained through the fraud or dishonesty of these officers. The tellers and other employes during this…