American Surety Co. of New York v. Blake

April 22, 1915, the appellant, American Surety Company, became surety upon a depository bond to the state of Idaho for the Fidelity State Bank of Orofino. In executing said bond the appellant required an indemnity agreement, which was executed by James W. Blake and P. H. Blake, then stockholders, and president and cashier, respectively, of the Fidelity State Bank of Orofino, wherein they agreed to indemnify and save the surety harmless from loss under the bond. The bank became insolvent, April 8, 1921, and the appellant under the terms of its bond paid the state $1,291.40, as its share of the…