Ashuelot Savings Bank v. Albee
Supreme Court of New Hampshire
Debt, on the official bond of the plaintiff’s treasurer. Facts found by a referee. Albee being annually elected treasurer of the plaintiff bank from 1865 to 1881, gave a bond each year. The bond in suit was given in 1877. A by-law required all deposits received by him to be forthwith deposited by him in the Winchester Bank in the plaintiffs’ name.
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Debt, on the official bond of the plaintiff’s treasurer. Facts found by a referee. Albee being annually elected treasurer of the plaintiff bank from 1865 to 1881, gave a bond each year. The bond in suit was given in 1877. A by-law required all deposits received by him to be forthwith deposited by him in the Winchester Bank in the plaintiffs’ name. Various sums of the plaintiffs’ money were embezzled by him each year, from 1866 or 1867 to 1881. January 1, 1877, he had embezzled more than 140,000. No defalcation was discovered until 1881. For concealment, he made false entries on the…
1Opinion of the CourtDob, C. J.
No defence being suggested in behalf of the treasurer, his sureties may be regarded, in the present inquiry, as the only defendants. Their defence is, not that they were discharged by the negligence of the examining committee, but that they were induced to sign the bond by representations false in fact and fraudulent in law. They were induced to sign the bond by the combined influence of the treasurer’s request; their confidence in him and in the other officers of the bank, and their management of its affairs : their knowledge that some of tbe trustees represented tbe bank to be sound when…
2Cases cited1 opinion
- Safford v. GroutMassachusetts Supreme Judicial Court · 1876
3Cited by4 opinions
- Thompson v. H.W.G. Group, Inc.Supreme Court of New Hampshire · 1995
- Petition of the Union Five Cents Savings BankSupreme Court of New Hampshire · 1895
- Spead v. TomlinsonSupreme Court of New Hampshire · 1904
- State v. SalvailSupreme Court of New Hampshire · 1914