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AMERICAN SURETY CO. v. BETHLEHEM NAT. BANK

No. 7518.

116 F.2d 75 (1940)

AMERICAN SURETY CO. OF NEW YORK v. BETHLEHEM NAT. BANK OF BETHLEHEM, PA.

Circuit Court of Appeals, Third Circuit.

November 27, 1940.

Attorney(s) appearing for the Case

H. P. McFadden, of Bethlehem, Pa., for appellants.

Rutledge Slattery, of Phildelphia, Pa., and Frank P. Slattery, of Wilkes-Barre, Pa., for appellee.

Before CLARK, JONES, and GOODRICH, Circuit Judges.

GOODRICH, Circuit Judge.

At the closing of the Bethlehem National Bank of Bethlehem, Pa., the Commonwealth of Pennsylvania had on deposit $135,000. It was secured by the bank's bond for $125,000 with the plaintiff as surety. As additional security the bank had pledged bonds with the Commonwealth, par value of which was $12,000. These bonds were sold for $12,411.44. The Commonwealth received the first dividend of 40% in the course of liquidation of the bank and the...

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