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eBook details

• Title: Community Sav. Bk. v. Western Surety Co.
• Author : Supreme Court Of Iowa.
• Release Date : January 16, 1943
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 63 KB

Description

This is an action brought by the Community Savings Bank, as plaintiff, against the Western Surety Company, as defendant, on a bond issued by the defendant on M.J. Gaughen, cashier of said bank, on September 30, 1935. The plaintiff asks reformation of a certain paragraph of said bond; also for a judgment against the defendant for the sum of $5,000, with interest and costs. There was a consolidation of the two cases, one law and the other equity. They were tried in one action. Judgment and decree for the plaintiff, and defendant appeals. On September 30, 1935, appellee was engaged in the general banking business, under the laws of Iowa, at Edgewood, Clayton county, Iowa. On that date the appellant, as surety, issued on M.J. Gaughen, cashier of said bank, as principal, a fidelity bond in the penal sum of $5,000. This bond was duly approved by the officers of the bank. About April 1, 1937, the bank brought action against the cashier, charging him with various wrongful acts, misappropriation of funds and embezzlement, and about August 16, 1941, in the district court, secured a judgment against said cashier in favor of the bank for the sum of $25,000 with interest from April 1, 1937. [232 Iowa Page 1383]

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