Guilford School District No. 3 v. Dakota Trust Co.

Christianson, Ch. J.

On August 4, 1913, the Medina State Bank was designated as a depositary of the plaintiff school district. The bank furnished a bond in the sum of $5,000, signed by the defendant, Dakota Trust Company, payable to the plaintiff school district, conditioned for the safekeeping and repayment of any and all funds deposited by the plaintiff in said bank, together with the accrued interest thereon. On January 15, 1914, the said Medina State Bank closed its doors and suspended payment upon all of its obligations; and shortly thereafter a receiver was appointed to wind up its…