National Surety Co. v. Wilson

The Florence State Bank was organized and commenced business December 2, 1901, with a capital stock of $30,000. The record discloses that the bank had no surplus. The bank became insolvent and was taken in charge by the State Bank Commissioner on March 4, 1913. Newton Large was the cashier from the organization to its close.

This action is to recover on two certain surety bonds executed by Large as cashier, and the National Surety Company, plaintiff in error, as surety, each in the penal sum of $7,500 as provided by sec. 39, Chapter 111, Laws of 1907.

The first bond covered the period beginning…