National Surety Co. v. Commissioner of Banks

The facts set out in the bill and answer, which are found to be true by a single justice of this court in the report and reservation, so far as they are material to the issue now presented are as follows: On July 21,1920, the Cosmopolitan Trust Company issued a certificate of deposit in the sum of $15,000, payable to Hugh J. Dimond and Company or order in current funds upon the surrender of the certificate. This instrument was indorsed by the payee to the plaintiff, the National Surety Company, on August 3, 1920, to hold as collateral security for its undertaking as surety on a bond for…