In re Merion Title & Trust Co.

Knight, P. J.,

The stipulation filed in this case sets forth the facts with particularity, and for our present purpose it is sufficient to mention the high lights, which are as follows:

Peter C. Hess was the treasurer of Lower Merion Township and, by virtue of his office, the tax collector of the township and school district.

When the Merion Title and Trust Company closed, *344Hess had on deposit funds of the township and school district to the amount of $393,353.77.

The Royal Indemnity Company was surety on the bond of Hess, which was in the penal sum of $800,000. The-Royal Indemnity Company settled…