Equitable Surety Co. v. Bank of Hazen
Supreme Court of Arkansas
Appeal from Prairie Chancery Court; Jno. M. Elliott, Chancellor; 1. The contract is not enforceable because the depositary bank accounts were not examined and verified. The contract between the parties warrants that the accounts of the cashier will be examined, and the cash, notes' and other 'securities claimed to be on hand verified, once every three months.
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Appeal from Prairie Chancery Court; Jno. M. Elliott, Chancellor; 1. The contract is not enforceable because the depositary bank accounts were not examined and verified. The contract between the parties warrants that the accounts of the cashier will be examined, and the cash, notes' and other 'securities claimed to be on hand verified, once every three months. As to the Exchange Bank this was not done, and such neglect avoids the ¡bond. 87 Ark. 348; 38 Col. 414,10 L. R. A. (N. S.) 323,120 Am. St. Rep. 128, 88 Pac. 451; 70 Pac. (Cal.) 660; 85 Atl. (N. J.) 325; 99 Fed. 242; 156 S. W. (Ky.) 394;…
1Opinion of the CourtMcCulloch, C. J.
The plaintiff is an incorporated bank doing business at Hazen, a small town in Prairie County, Arkansas, and one B. E. Walker was its cashier.' The defendant, Equitable Surety Company, is a corporation domiciled at St. Louis and is engaged in the business of writing fidelity insurance. On May 20, 1912, defendant, in consideration of the payment of an annual premium of $'25, issued to the plaintiff its bond in the sum of $10,000 as surety for said B. E. Walker, agreeing to reimburse the plaintiff for any pecuniary loss “sustained by 'any act or acts of larceny or embezzlement” committed by…
2Cases cited4 opinions
- American Bonding Co. v. MorrowSupreme Court of Arkansas · 1906
- Title Guaranty & Surety Co. v. Bank of FultonSupreme Court of Arkansas · 1909
- United States Fidelity & Guaranty Co. v. Bank of BatesvilleSupreme Court of Arkansas · 1908
- German-American Insurance v. BrownSupreme Court of Arkansas · 1905
3Cited by8 opinions
- Holcomb v. American Surety CompanySupreme Court of Arkansas · 1931
- Southern National Insurance v. PillowSupreme Court of Arkansas · 1944
- Union Indemnity Co. v. Forgey & HansonSupreme Court of Arkansas · 1927
- Ætna Life Insurance v. DuncanSupreme Court of Arkansas · 1924
- American Equitable Assurance Co. of New York v. ShowersSupreme Court of Arkansas · 1938
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