C.C. Pearce Co. v. American Surety Co. of N.Y.

The opinion of the Court was delivered by

Mr. W. C. Cothran, Acting Associate Justice:

Raymond L. Moore was employed by C. C. Pearce & Co. as a collector and, according to his employer, was short in his accounts to the extent of $491.85. For its protection against all manner of shortages, Pearce & Co. took out an indemnity bond with the American Surety Company of New York in the sum of $2,500.00. This blanket bond covered all of the employees of Pearce & Co., but was not signed by any of them and, hence, was not the usual bond of principal and surety. Moore gave to the surety company an…