Hood Ex Rel. Bank of Summerfield v. Simpson

The question involved: When a bond which guarantees the fidelity of a bank cashier and guarantees the bank against loss by reason of embezzlement, etc., of said cashier, is executed for an in definite term and thereafter is kept in force by the payment of annual premiums, does the fact that said cashier was elected at the time said bond was executed for a term of one year and was thereafter reelected each year for a like term, and was required at each reflection to give bond, all of which was expressly directed by the by-laws of said bank and in conformity with the statutes requiring the…