United States Fidelity & Guaranty Co. v. Commercial Casualty Insurance

Plaintiff executed two surety bonds in the aggregate penal sum of $400,000 for the Capital City Bank at Madison, Wisconsin, as state depository. Each of the bonds was conditioned upon payment on demand to the state treasurer of state funds deposited in the Capital City Bank. Another depository bond in the penal sum of $200,000 was executed by the Fidelity & Deposit Company of Maryland, making the aggregate of the depository coverage $600,000.

Sec. 14.46, Stats. 1931, provides:

“However, the amount at any time on deposit with any depository shall not exceed its actual paid-up capital, nor one…