Shaw v. United States Fidelity & Guaranty Co.

The State Bank of Commerce, a banking corporation incorporated under the laws of this state, was duly designated as a state depository. In compliance with the statute, it executed a depository bond, conditioned as required by law, with defendant in error as surety thereon. Subsequently this bank closed its doors because of insolvency, and was placed in the hands of the state banking commissioner for liquidation. At the time it closed, the state of Texas had on deposit the sum of $10,532.20. Defendant in error, as surety on the depository bond, upon demand, paid the state the full amount of…