American Bonding Co. v. Morrow
Supreme Court of Arkansas
Appeal from Prairie Chancery Court.; John M. Elliott, Chancellor; STATEMENT BY THE COURT. The American Bonding Company of Baltimore is a foreign corporation doing business in the State of Arkansas as a surety company, and on August 31, 1900, executed to the Bank of DeVall’s Bluff, of DeVall’s Bluff, Arkansas, a surety" bond in the sum of $5,000, undertaking to indemnify said bank against any loss sustained on account of any larceny or embezzlement committed by its cashier,…
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Appeal from Prairie Chancery Court.; John M. Elliott, Chancellor; STATEMENT BY THE COURT. The American Bonding Company of Baltimore is a foreign corporation doing business in the State of Arkansas as a surety company, and on August 31, 1900, executed to the Bank of DeVall’s Bluff, of DeVall’s Bluff, Arkansas, a surety" bond in the sum of $5,000, undertaking to indemnify said bank against any loss sustained on account of any larceny or embezzlement committed by its cashier, G. C. Strong, during the term of one year commencing on the first day of September, 1900. The bond contained the…
1Opinion of the Court
McCulloch, J.,
(after stating the facts.) 1. The initial question for determination is as to the amount of appellant’s liability, if any, on the bond and the two renewal receipts— whether said writings constituted three separate obligations to indemnify the assured in the sum of $5,000 each against loss accruing during the respective years, or whether they constituted a single liability for the sum of $5,000 extending over the periods covered thereby, and indemnifying the assured against loss only to the extent of that sum for the whole period.
It is now well settled that the bond of a surety…
2Cases cited9 opinions
- American Surety Company v. PaulySupreme Court of the United States · 1898
- Guarantee Co. of North America v. Mechanics' Savings Bank & Trust Co.Supreme Court of the United States · 1902
- Cushman v. United States Life InsuranceNew York Court of Appeals · 1877
- Guarantee Co. of North America v. Mechanics' Sav. Bank & Trust Co.Court of Appeals for the Sixth Circuit · 1896
- Franklin Life Insurance v. GalliganSupreme Court of Arkansas · 1903
4 more not listed; retrieve them via the Exa API.
3Cited by36 opinions
- Fidelity & Casualty Co. v. MeyerSupreme Court of Arkansas · 1912
- Hope Spoke Co. v. Maryland Casualty Co.Supreme Court of Arkansas · 1912
- Industrial Mutual Indemnity Co. v. HawkinsSupreme Court of Arkansas · 1910
- National Surety Co. v. WilliamsSupreme Court of Florida · 1917
- Kangas v. New York Life InsuranceMichigan Supreme Court · 1923
31 more not listed; retrieve them via the Exa API.