Fidelity & Deposit Co. v. Phillips

Citations

• 235 Pa. 469
• 84 A. 432
• 1912 Pa. LEXIS 572

Syllabus

<p>Principal and surety — Several bonds — Contribution.</p> <p>1. Tbe fact that there are two or more bonds instead of one, but all conditioned to be answerable for one general purpose, does not affect the primary liability of the sureties on each bond. While the bonds remain in force the cestuis que trustent may elect to proceed against the sureties on either bond, and if a surety on either bond is compelled to pay the entire amount of the default, he may proceed against his co-sureties on all the bonds remaining in force, for contribution.</p> <p>2. Where a bond is entered by a trustee in the orphans’ court and thereafter a second bond is entered as additional security, and the sureties on the old bond do not ask for their discharge, they will continue liable on their bond; and if the sureties on the second bond are compelled to pay a loss, the sureties on the first bond will be liable to contribution.</p> <p>3. Where one of two sureties on the first of two successive bonds of a trustee, consents to an improper investment, and a loss results, such consenting surety is liable although his non-consenting surety may be discharged; and if the sureties on the second bond have been compelled to pay the loss, the consenting surety on the first bond will be liable to contributions to the full measure of his liability on his own bond.</p> <p>4. Where sureties are bound by different sums in different instruments, they are liable in proportion to the penal sums in the respective bonds.</p>