Farmers & Merchants National Bank & Trust Co. v. Globe Indemnity Co.

Plaintiff brought suit against the Globe Indemnity Company, Margaret S. Niles, and Dwight W. Ruth, administrator of the estate of Clayton M. Niles, deceased, and Caroline Niles, to recover upon a bond upon which the Globe Indemnity Company was surety in the sum of $10,000 issued to plaintiff. Prom a decree for defendants, plaintiff appeals.

Clayton M. Niles was president of plaintiff bank. He died October 28, 1930, owing the bank $13,650, represented by his four promissory notes. Defendant Globe Indemnity Company was surety upon a banker’s blanket bond to plaintiff insuring it against any…