Fidelity & Casualty Co. v. Union Savings Bank Co.

The Union Savings Bank Company, of Yorkville, Ohio, was a successful bidder under the depositary law for a deposit of state funds, and to secure the deposit, as required by law, gave a bond signed by the 'Fidelity & Casualty Company, of New York, guaranteeing the return of the funds deposited, with interest thereon. Later the superintendent of banks took possession of the bank’s assets for liquidation, and at that time the bank had $25,000 of state funds. Demand was made upon the surety company by state officials to make payment of the amount due to the state under the bond, and thereupon…