Mutual Loan & Building Ass'n v. Price

Citations

• 16 Fla. 204

Syllabus

<p>1. Sureties on the bond of an officer of a private corporation whose office-.is annual, with power in him. to hold until his successor is elected! and qualified, are bound only for the year for which he was chosen, and for such further time as is reasonably sufficient for the election» and qualification of his successor, and no longer. Guaranteeing the good faith and honesty of such officer “during his continuance in-office,” means not an indefinite period, or for the time he may possi-, bly hold such office by new elections, but his continuance in office-under his then election and for the legal term.</p> <p>2. Sureties upon such bond are not discharged by the neglect of the officers of the corporation to have, as prescribed by the constitution and by-laws of the corporation, periodical examinations' ©f the books of the- - officer whose sureties they are. Mere laches, unaccompanied wills fraiid, is no ground of discharge.</p>