National Surety Co. v. Franklin Trust Co.

Opinion by

Mr. Justice Simpson,

The school district of the City of Philadelphia, as a condition precedent to the deposit of any of its funds with the Franklin Trust Company, required of the latter indemnity in the sum of $500,000, which was given as follows: by the United States Fidelity & Guaranty Company two bonds in the sum of $100,000 each, and by the Union Indemnity Company, the Maryland Casualty Company of Baltimore and the Glens Falls Indemnity Company each one bond in the sum of $100,000. Several years later, as the result of negotiations growing out of the desire of the Glens Falls…