American Surety Co. v. Trenton State Bank

During the period from April, 1935, to August, 1943, Frank Matthews was treasurer of Monguagon township in Wayne county, and the plaintiff company was surety on his statutory bond. * Following an audit of the books of the treasurer in the summer of 1943, the township board claimed that a shortage existed. After some negotiations plaintiff paid to the township a sum somewhat in excess of $10,000. At the time of such payment the board adopted a resolution assigning to the plaintiff “all rights and remedies which said township of Monguagon, Michigan, has or may have in connection with or arising…