Cutler v. Fidelity & Deposit Co.

Plaintiffs brought this action to recover indemnity under a “Depositor’s Forgery Policy”. The cause was tried before the court upon an agreed statement of facts. Plaintiffs had judgment and from said judgment defendant appeals.

The policy issued by appellant to respondents provided indemnity “against any losses . . . which may be sustained through the payment ... by the insured ... or by any such bank: ... Of any check . . . upon which the signature of any endorser thereof shall have been forged. . . . ” Respondents were doing business as Brayton, Douglass & Co., a copartnership, and carried a…