Anaheim Union Water Co. v. Parker

Citations

• 101 Cal. 483
• 35 P. 1048
• 1894 Cal. LEXIS 1062

Syllabus

<p>Corporations—Bond of Secretary—Retrospective Operation. — Where a bond, given by a secretary of a corporation is not retrospective in its terms it does not cover past delinquencies, and the sureties are not liable for money converted by the secretary prior to its execution, but the corporation is bound to show a conversion after the execution of the bond, in order to charge the sureties.</p> <p>Id.—Action Upon Bond—Instruction—Question of Pact—Province of Jury.—In an action upon such bond, it is a question of fact for the jury to determine, under all the circumstances of the case, whether the secretary was a defaulter at the time the bond was executed; and an instruction declaring to the jury that the sureties were liable for all moneys collected by him and not turned over to the company at the date of the bond, and assuming that he was not a defaulter in any sum prior to the time of the execution of the bond, usurps the province of the jury.</p> <p>Id.—Continuance of Secretary in Office—Second Bond.—The liability of the sureties upon a second bond given by a secretary who is continued in office is not affected by that fact, and the sureties upon the second bond are not liable for money converted by the officer prior to its execution.</p> <p>Id.—Collection of Moneys After Execution of Second Bond—Application of Payments.—The company, in the absence of direct instructions from the secretary, cannot apply moneys collected subsequently to the execution of the second bond to the discharge of a liability arising under the first bond, so as to render the sureties upon the second bond liable for a delinquency, and in such case the law will not apply the payments to the oldest debt.</p> <p>Id.—Time of Defalcation—Question of Pact.—The question as to when the defalcation occurred is one of fact, to be determined by the jury upon all the circumstances of the case.</p> <p>Id.—Failure to Pay Money to Treasurer.—A failure of the secretary to pay over money to the treasurer fo