Humboldt Savings & Loan Society v. Wennerhold

Citations

• 3 Cal. Unrep. 52
• 20 P. 553

Syllabus

<p>Bond—Liabilities of Sureties.—A Secretary of a Building Association Executed a Bond to well and truly perform and discharge all his official duties, and do all things required by the by-laws, and to perform faithfully all duties required of him, and obey all orders given him by the board of directors. The secretary was confided with the general superintendence of the association’s funds, received, cared for, and paid them out, and the performance of these duties by this officer had become the established usage of the association. Held, that his sureties on the bond were liable for moneys of depositors which he had received and entered in their pass-books, but not in the company’s books, and converted to his own use; also for moneys taken by him, which had been deposited in the safe for persons who had borrowed the same; and also for moneys taken from the association and converted, he forging a receipt for the same in the name of a third person.</p> <p>Bond—Duration of Liability.—The Fact That No Term of Office was Ever Fixed or put an end to by any by-law, order, or resolution, does not affect the liability of the sureties, the bond being conditioned that he should perform his duties “so long as he shall continue and be continued in said office.” No want of consideration being shown, the sureties could bind themselves for an unlimited period.</p>