Peoples Bank & Trust Co. v. United States Fidelity & Guaranty Co.

The defendant Guaranty Company executed a bond in favor of the complainant bank whereby the defendant, for a stated consideration and upon conditions named, undertook to make good and reimburse the complainant such pecuniary loss as might be sustained by the complainant by reason of the fraud or dishonesty of complainants cashier in connection with the duties of his office amounting to larceny or embezzlement. Suit was brought upon said bond by the complainant, in which it appeared that complainant had sustained a loss for which defendant was liable under the terms of the bond. There was a…