Outlook Farmers' Elevator Co. v. American Surety Co.

From November, 1913, until August, 1917, the Farmers’ Elevator Company of Outlook employed Oscar J. Brown as its manager in the business of buying, selling and storing seed and grain. To secure the faithful performance of his duties, Brown gave to the elevator company a fidelity bond in the sum of $3,000, with the American Surety Company as surety. By the terms of the bond Brown as principal, and the surety company as surety, promised to reimburse the elevator company for such losses of money or other personal property, not exceeding $3,000, as it might suffer by reason of any acts of fraud,…