Bankers Deposit Guaranty & Surety Co. v. Barnes

The opinion of the court was delivered by

Smith, J.:

The plaintiff procured from the state charter board a charter which specified, among other purposes of the corporation, the following:

“To guarantee the fidelity of persons holding offices of public or private trust, to execute and guarantee bonds and undertakings in judicial proceedings, and to guarantee the faithful performance of any and all public, official and private duties. It being the purpose and intent of said corporation to insure and guarantee payment of deposits in state and national banks to their depositors.”

After obtaining such…