A Treatise on the Law of Fidelity Bonds; With Special Reference to Corporate Fidelity Bonds

A Treatise on the Law of Fidelity Bonds; With Special Reference to Corporate Fidelity Bonds

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1909 edition. Excerpt: ...occurring during the continuance of said bond or any renewal thereof. Liability on the bond was limited to one year. A renewal certificate purporting to be such, and to be subject to the conditions of the original bond was executed guaranteeing the fidelity of said employee for the following year. By the fraud and dishonesty of said employee, the bank sustained during the first year a loss of $7,217, and during the second year a loss of $13,157.20. Action to recover full penalties of both bonds. "Held, that the renewal certificate was a new contract only so far as it extended the indemnity provided by the 1.--For claim against another surety company growing out of same transactions, see First Nat'l. Bank vs. Nat'l. Surety Co., 130 Fed. 401, Chapter 10, sec. 113, post. original bond to another year, and that there was in fact only one bond, with one penalty of $7,000, to which the recovery was limited." loia.--Further Authorities in Support of Rule as Here Stated. Several very recent cases in different States have adopted this view: "A renewal certificate of a bank cashier's guaranty bond, which provides that the aggregate liability of the guaranty company, from the date of the issuance of the bond to the expiration of the renewal certificate, on account of the acts of such cashier, shall not exceed the sum written opposite his name in the schedule, limits the company's total liability to the face value of the original bond as shown by such schedule, and does not give an additional indemnity for the same amount." United States Fidelity & Guaranty Co. vs. First Nat'l Bank of Dundee, 233 I1l. 475. "The renewal of a fidelity policy constitutes a separate and distinct contract for the period of time covered thereby, but its terms and conditions are...show more

Product details

  • Paperback | 80 pages
  • 189 x 246 x 4mm | 159g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236675576
  • 9781236675576