American Surety Co. v. Leach

The Castaña Savings Bank was a banking corporation under the laws of the state of Iowa. In proper pro ceedings, on the 10th day of March, 1922, this bank, having been designated as the depository of county funds, put up a bond in the sum of $7,500, to secure county deposits. This bond expired on March 1, 1923, and was duly renewed, and, under the terms of the renewal, expired on March 1, 1924, the American Surety Company being surety on this bond.

The Castaña Savings Bank went into the hands of a receiver on March 5, 1924. Monona County intervened in said receivership, and filed its claim for…