American Surety Co. of N.Y. v. Normandy State Bank

This is an action whereby plaintiff, American Surety Company of New York, seeks to recover of defendant, Normandy State Bank, by way of subrogation, a portion of the amount it paid to satisfy a judgment, which defendant in its representative capacity as deputy commissioner of finance in charge of the affairs of the State Bank of Anglum had obtained against plaintiff. There was a judgment for defendant, and plaintiff appeals.

The facts, though very much involved, are undisputed.

On May 28, 1931, the State Bank of Anglum, engaged in banking at Robertson, in St. Louis County, took out a policy of…