Southern Surety Co. v. Austin

FOSTER, Circuit Judge.

Plaintiff in error, hereafter called defendant, executed an indemnity bond in the penal sum of $10,000, guaranteeing the Farmers’ & Merchants’ State Bank of Ranger, Tex., against loss resulting from the embezzlement, wrongful abstraction, and willful misappropriation of its moneys, funds, and securities by its vice president, J. A. Cbaffe. The bond also ran in favor of any receiver who might be put in charge of the affairs' of the hank. Chaffe proved dishonest and delinquent, and caused a loss to tho bank exceeding $10,000. The bank was taken over by defendant in error,…