State v. Hartford Accident & Indemnity Co.

— This action was brought to recover the balance claimed to be due upon a surety bond. A trial to the court without a jury resulted in findings of fact, conclusions of law and a judgment denying recovery, from which the state, the plaintiff, appeals.

The facts are not in dispute and may be summarized as follows: The First National Bank of Clarkston on February 8, 1924, was a state depositary to the extent of $15,000, and on that date became insolvent. The state was secured by liberty bonds of the par value of $7,000, which the bank had deposited as collateral and had given to- the state a…