Sparks v. President of the Farmers' Bank
Court of Chancery of Delaware
Bill in Equity by sureties for an Injunction.-— This was a bill in equity by the sureties in official bonds of Joseph A. Heston, late cashier of the Farmers’ Bank, to restrain the bank from proceeding at law to collect from complainants the amount of certain alleged defalcations of Heston, committed while cashier.
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Bill in Equity by sureties for an Injunction.-— This was a bill in equity by the sureties in official bonds of Joseph A. Heston, late cashier of the Farmers’ Bank, to restrain the bank from proceeding at law to collect from complainants the amount of certain alleged defalcations of Heston, committed while cashier. The bonds bore date, respectively, January 1, 1862, and January 6, 1865. The complainants were the sureties in each, and the two bonds were precisely alike in their terms, being each in the penal sum of fifty thousand dollars, and upon condition, “ that if the above bound “Joseph A.…
1Opinion of the Court
The Chancellor :—
The sureties claim to be relieved upon three distinct grounds.
*288I. The ground chiefly relied upon was, that their obligation under each of these bonds was for Heston’s good behavior as cashier, only fairing the current year— commencing with his election by the general board at Dover, at its annual meeting in January next, before the taking of the bond, and ending, ipso facto, upon liis reelection by the same board in January next following; that is to say, that under the bond of 1862, the sureties were liable only for such defaults as might be committed within the year 1862,…
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