Chicora Bank v. United States Fidelity & Guaranty Co.

The opinion of the Court was delivered by

Mr. Justice Cothran.

This is an action commenced February 26, 1930, upon a fidelity bond issued on July 16, 1923, purporting to- indemnify the bank from loss sustained by the fraud or dishonesty of any employee, amounting to larceny or embezzlement. The term of the bond was one year, July 16, 1923, to July 16, 1924; it expired on the last date mentioned by its limitation, and was not renewed. It covered, among other employees, Thomas T. Crane, cashier, to the extent of $10,000.00.

Pending the life of the bond, on February 27, 1924, the bank sustained a…