[DOWNLOAD] "Kansas Federal Credit Union v. Niemeier" by United States Court of Appeals Tenth Circuit ~ Book PDF Kindle ePub Free

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eBook details

• Title: Kansas Federal Credit Union v. Niemeier
• Author : United States Court of Appeals Tenth Circuit
• Release Date : January 14, 1955
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 62 KB

Description

United States Fidelity & Guaranty Company, hereinafter referred to as the bonding company, instituted this action against Craig County Bank of Vinita, Oklahoma, hereinafter referred to as the bank, Charles S. Hampton, J. C. Lovett, James George, O. Stanislaus, and H. L. Collins. The bonding company was engaged in the business among other things of writing bankers blanket bonds.The bank was engaged in the general banking business at Vinita. Lovett was president of the bank; Hampton was cashier; Lovett, Hampton, George, and Stanislaus were directors; and Collins was a customer. The action was one for a declaratory judgment determining the rights and liabilities of the parties under a bankers blanket bond in the sum of $50,000 issued by the bonding company to the bank, and a certain written agreement into which Hampton, Lovett, George, and Stanislaus entered under date of December 11, 1951. The bond expressly covered any loss sustained through any dishonest, fraudulent, or criminal act of any of the employees of the bank, and it provided that it should be deemed terminated or cancelled as to any employee as soon as the bank should learn of any dishonest or fraudulent act on the party of such employee. In the written agreement, Hampton was denominated part of the first part, and Lovett, George, and Stanislaus, as individuals and directors of the bank, were denominated parties of the second part. The agreement recited that a recent examination of the bank disclosed several irregularities in the handling of the affairs of the bank and the falsification of the records of the bank by Hampton as cashier, recited that the directors desired to terminate the services of Hampton, recited that Hampton had requested a delay in the termination of his services, recited that Hampton would sell his stock and retire from the service of the bank at or prior to June 30, 1952, and recited that in the interim Hampton would devote his full time to making collections and otherwise improving the asset condition of the bank and would perform energetically and faithfully the services of cashier in a manner satisfactory to the board of directors. And following such recitals, the agreement provided that "the Directors, J. C. Lovett, James George and O. Stanislaus, as parties of the second part hereby agree to continue the services of the said Charles S. Hampton to a date not beyond the 30th day of June, 1952, and in doing so agree and guarantee individually and/or collectively as individuals or directors that the affairs of said bank shall and will be operated under their supervision and accept full responsibility for the acts of the said cashier in his capacity as an officer of said bank." By answer to the complaint, the bank pleaded that it suffered losses in the aggregate amount of $53,212.53 caused by Hamptons embezzlement of funds; pleaded estoppel on the part of the bonding company to assert non-liability; and sought judgment against the bonding company for the face amount of the bond. By cross claim against Lovett, George, and Stanislaus, the bank sought to recover under the written agreement. And by answer to the complaint and the cross claim, Lovett, George, and Stanislaus denied liability to the bonding company and the bank, respectively.

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