Kimbell Trust & Savings Bank v. Hartford Accident & Indemnity Co.

This action is brought in assumpsit by the plaintiff bank against the defendant indemnity company, upon what is denominated in insurance circles a “Securities Blanket Policy.” Inter alia it provided against loss by reason of having during the life of the policy taken as collateral to any loan any forged, raised or altered securities. The date of the policy is May 27, 1924. On March 27, 1924, one C. E. Miner borrowed at the plaintiff bank $3,500 and gave his note therefor, of that date, payable 90 days after date. As collateral security for the loan he deposited with the bank 80 shares of Gulf…