Pittsburg v. Rhodes

Citations

• 230 Pa. 397
• 79 A. 634
• 1911 Pa. LEXIS 623

Syllabus

<p>Banks and hanking — Depositories—Bonds—Discharge of sureties.</p> <p>Where a bank is selected as a city depository for a term of years, and executes a bond to secure the safe custody of all moneys deposited with it, and at the expiration of the term it executes a new bond with different sureties for a new term, and on the same day enters the exact balance to the city’s credit in the individual transfer ledger as a deposit by the city, and the city thereafter adds to and checks against this balance in amounts largely exceeding such balance, the sureties on the first bond are discharged of liability for a default occurring during the second term.</p>