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eBook details

• Title: State v. Rosman Et Al.
• Author : Supreme Court of Montana
• Release Date : January 25, 1929
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 62 KB

Description

County Treasurers ? Banks and Banking ? County Depositories ? Insolvency ? Deposit Without Approved Indemnity Bond a Violation of Official Duty ? Liability of Surety on Official Bond ? Construction of Bond. County Treasurer ? Deposit of County Funds in Depository Without Approved Indemnity Bond a Violation of Official Duty ? Liability of Surety on Official Bond. 1. Under section 4767, Revised Codes 1921, as amended by Chapter 89, Laws of 1923, a county treasurer may not lawfully deposit public funds, nor permit them to remain, in a bank unless such bank has been designated by the board of county commissioners, after approval by it of an indemnity bond or other prescribed security, as a proper depository; disregard of such requirement is a violation of official duty and, in case of loss, subjects the treasurer to liability upon his official bond. Same ? Provisions of Depository Act are Part of Indemnity Bond. 2. The statutory provisions with relation to the furnishing of an indemnity bond to secure deposits of public funds under the Depository Act above, are as much a part of the bond as if expressly written into it. Contracts ? Construction ? Intent of Parties to be Ascertained. 3. In the construction of a contract the intention of the parties at the time of contracting must be pursued if possible, which intention must be gathered from the entire instrument and not from particular words or phrases or disjointed parts of it and in the ascertainment of such intention the subject matter of the contract and the purposes of its execution are material. County Treasurer ? Indemnity Bond ? Rule of Construction. 4. Where there is a recital in a bond specifying the time during which the prescribed duty is to be performed by the principal, and the words of the condition are general and indefinite as to the time for which the surety is to be liable, the general words will be construed as limited by the recital, and the surety will be held liable only for the time therein specified. Same ? Indemnity Bond ? Non-liability of Sureties ? When Liability of Surety on Official Bond Attached. 5. An indemnity bond furnished by a bank to a county treasurer securing him from loss by reason of deposits of public funds - Page 208 theretofore or thereafter made between noon of a given day in 1923 and noon of a named day in 1924, providing that if the bank should "during the continuance of these presents" on demand pay over to the treasurer such funds, then the obligation to be null and void, otherwise to remain in full force, construed and held that under it the liability of the sureties was not a continuing one but ceased at noon of the named day in 1924, the phrase "during the continuance of these presents" being open to no other construction than "during the life of this agreement" or "during the term of this bond," and that therefore when the treasurer did not before noon of the latter day demand payment but permitted the deposits to remain in the bank without a new bond having been furnished, the sureties on the indemnity bond were not, but his official bondsman was, liable for loss sustained by the subsequent insolvency of the bank. (See par. 1 above.) Depositaries, 18 C.J., sec. 59, p. 586, n. 79.

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