Commissioner of Banking v. Chelsea Savings Bank
Michigan Supreme Court
Appeal from Washtenaw; Kinne, J. Bill by Henry M. Zimmerman, commissioner of banking, against the Chelsea Savings Bank and W. W. Wedemeyer, receiver, to liquidate the assets of defendant bank. On petition the American Surety Company of New York was permitted to intervene and present its claim. From a decree dismissing the petition, petitioner appeals.
Read the full summary
Appeal from Washtenaw; Kinne, J. Bill by Henry M. Zimmerman, commissioner of banking, against the Chelsea Savings Bank and W. W. Wedemeyer, receiver, to liquidate the assets of defendant bank. On petition the American Surety Company of New York was permitted to intervene and present its claim. From a decree dismissing the petition, petitioner appeals. In proceedings to liquidate the assets of the Chelsea, Savings Bank, the American Surety Company of New York, upon its petition, was permitted to intervene, and the receiver was ordered to answer said petition. The petitioner prayed for an order…
1Opinion of the CourtOstrander, J.
(after stating the facts). In determining the obligation of a surety, the rules of interpretation and of construction employed are not different from those employed in the interpretation and construction of other written agreements. In the case presented there is a bond which refers to a contract between the principal and the obligee in the bond. These instruments may be considered together. It appears that the treasurer of the State, the obligee in the bond, agreed with the Chelsea Savings Bank, the principal in the bond, to make it a depository of a part of the surplus funds of the State…
2Cases cited5 opinions
- United States Fidelity & Guaranty Co. v. RaineyTennessee Supreme Court · 1907
- State v. FosterWyoming Supreme Court · 1895
- Seay v. Bank of RomeSupreme Court of Georgia · 1881
- City of Detroit v. WeberMichigan Supreme Court · 1873
- Dumont v. FryU.S. Circuit Court for the District of Southern New York · 1882
3Cited by29 opinions
- United States F. & G. Co. v. BramwellOregon Supreme Court · 1923
- Aetna Accident & Liability Co. v. MillerMontana Supreme Court · 1918
- Lawrence v. American Surety Co.Michigan Supreme Court · 1933
- South Philadelphia State Bank's InsolvencySupreme Court of Pennsylvania · 1929
- People Ex Rel. Nelson v. West Englewood Trust & Savings BankIllinois Supreme Court · 1933
24 more not listed; retrieve them via the Exa API.