City Bank v. Bankers Ltd. Mutual Casualty

By the policy issued, the defendant agreed—

“to indemnify City Bank of Portage, Wisconsin, hereinafter called the assured, against the direct.-loss sustained while this policy is in force and discovered as hereinafter provided, of any money or securities, or both, as defined in section 1 hereof,” in an amount not exceeding $25,000.

(A, B, and C, immaterial.)

“D. Through larceny, fraud, forgery, embezzlement, wrongful abstraction or wilful misapplication” of said securities.

By paragraph 6 it was provided that the company should not be liable for any loss, notice of which is not given within ten…