Pacific National Bank v. Aetna Indemnity Co.

Citations

• 33 Wash. 428
• 74 P. 590
• 1903 Wash. LEXIS 537

Syllabus

<p>Insurance—Guaranty—Authority or Agents—Power oe Attorney—Construction. A letter of attorney authorizing an insurance agent to execute as attorneys in fact all bonds guaranteeing the fidelity of persons “and the performance of contracts other than insurance policies,” is sufficiently broad to authorize a contract guaranteeing the repayment of money loaned by a bank for the purpose of completing the construction of a vessel, Laws of 1897, pp. 332, 333, recognizing such indemnity obligations.</p> <p>Same—Evidence oe Authority. The charter of the company reciting the same powers is also properly received in evidence to show the agents authority.</p> <p>Same—Principal and Agent—Local Agent Representing Both Parties—Bond to Agent as Principal—Approval and Representations by General Agent. The bond of a surety company guaranteeing the repayment of a loan made to S as trustee for ship builders, for the purpose of completing the construction of a ship, which provided that it should not be valid until signed on the part of the company by S, who was its district agent, and which bond is signed by S, trustee, as principal in the bond, and also as district agent for the company, is not on that account void on the theory that S acted as agent for both principal and surety, where it further appears that it was executed and delivered in the presence of the general agents, who secured the loan by representations as to the surety company’s interest in the construction of the ship, and the bond was also signed by them, and S, who was a subordinate agent, signed as district agent at their request, the clause requiring such district agent to sign having been inserted by the general agents without being required by the company.</p> <p>Same—Knowledge—Ratification. Such signing by the district agent must be held to have been with the knowledge and consent of the company, the general agents having acted within the scope of their authority, and in good faith, and there being no evidence t