Legal Opinion
American Surety Co. v. Bethlehem National Bank
Supreme Court of the United States
Decided December 8, 1941No. 29PublishedCited by 121 opinions
1Opinion of the CourtJustice Frankfurter
The facts of this case are simple. The Commonwealth of Pennsylvania had $135,000 on deposit in the Bethlehem National Bank. This deposit was secured by a $125,000 bond, upon which the plaintiff was surety, and by a pledge *316of government bonds having a par value of $12,000. The bank became insolvent, and a receiver was appointed. Thereafter, the Commonwealth obtained, in round figures, $12,500 from the sale of the collateral and $54,000 as a 40% dividend on its claim, a total of $66,500. The remaining $68,500 was paid by the surety, thereby fully satisfying the Commonwealth’s claim. The present…
2Cases cited18 opinions
- Davis v. Elmira Savings BankSupreme Court of the United States · 1896
- Deitrick v. GreaneySupreme Court of the United States · 1940
- Merrill v. National Bank of JacksonvilleSupreme Court of the United States · 1899
- Cook County National Bank v. United StatesSupreme Court of the United States · 1883
- United States v. RyderSupreme Court of the United States · 1884
13 more not listed; retrieve them via the Exa API.
3Cited by121 opinions
- Chubb Custom Insurance Company v. Space Systems/ Loral, Inc.Court of Appeals for the Ninth Circuit · 2013
- State, Department of Human Services Ex Rel. Palmer v. Unisys Corp.Supreme Court of Iowa · 2001
- Daley-Sand v. West American InsuranceSupreme Court of Pennsylvania · 1989
- Federal Deposit Insurance Corporation, as Receiver for Penn Square Bank, N.A. v. Myron J. PalermoCourt of Appeals for the Tenth Circuit · 1987
- Bachmann v. Glazer & Glazer, Inc.Court of Appeals of Maryland · 1989
116 more not listed; retrieve them via the Exa API.