Walton County Bank v. Stanton

1. A contract entered into by the stockholders of a bank in contemplation of its merger with another bank and as a condition precedent to the merger, by which the stockholders agreed that “if at the final settlement of the notes of” named persons-who owed an indebtedness evidenced by notes to the first bank, “there should be any *592loss sustained” by that “bank or the consolidated or merger bank,” the stockholders would pay this loss, was a contract of indemnity, obligating them for any loss sustained upon a final settlement of that indebtedness, notwithstanding that in the meantime the existing…