County of Ottawa v. American Surety Co.

This is a suit for a declaratory judgment to secure a determination of the respective rights and liabilities of the defendant sureties as between themselves and as between them and the plaintiff county. The case was dismissed against all the defendants except the two involved in this appeal, the American Surety Company, appellant, and the Michigan Surety Company, cross-appellee. These two companies issued depository bonds in favor of the county of Ottawa, securing the funds of the county in the Peoples State Bank of Holland. The bank suspended on January 11, 1932, on which date the county had…