Fidelity Deposit Co. of Maryland v. Richeson

The appellant, complainant in the court below, was surety on the official bond of S. J. Petree, tax collector of Franklin county. The bond was executed on November 10, 1920, and the principal died in June, 1922, leaving a shortage in his of ficial accounts of about $17,000, the full amount of wbicb was paid by complainant as surety. Tbe statute (section 2603, Code 1923) gave to the state, from the date of the execution of the bond, a lien on all of the tax collector’s property for the amount of this shortage, and complainant, by its payment to the state, became subrogated to the lien of the…