Fergus County v. Osweiler

The First National Bank of Fergus County became insolvent and suspended business December 10, 1923. It had on deposit at that time funds of Fergus county of approximately $700,000, secured by a depository bond executed by a number of individuals, of whom defendant was one. His liability on the bond was expressly limited to $30,000. Through moneys received from the receiver and property turned over by the .bank the liability of the bondsmen was reduced by 62 per cent., leaving 38 per cent, still due. J The county commissioners then adopted a resolution purporting to release any bondsmen who…