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AMER. SURETY CO. v. BETHLEHEM BANK

No. 29.

314 U.S. 314 (1941)

AMERICAN SURETY COMPANY OF NEW YORK v. BETHLEHEM NATIONAL BANK ET AL.

Supreme Court of United States.

Decided December 8, 1941.

Attorney(s) appearing for the Case

Mr. Rutledge Slattery, with whom Messrs. George P. Williams, Jr. and Frank P. Slattery were on the brief, for petitioner.

Mr. George P. Barse, with whom Messrs. H.P. McFadden and Lee Roy Stover and Miss Harriet Buckingham were on the brief, for respondents.

Merrill v. National Bank, 173 U.S. 131, to the extent applicable here, supports the position of respondents.

Mr. W. Page Dame, Jr. filed a brief on behalf of the U.S. Fidelity & Guaranty Co., as amicus curiae, urging reversal.

MR. JUSTICE FRANKFURTER delivered the opinion of the Court.

The facts of this case are simple. The Commonwealth of Pennsylvania had $135,000 on deposit in the Bethlehem National Bank. This deposit was secured by a $125,000 bond, upon which the plaintiff was surety, and by a pledge of government bonds having a par value of $12,000. The bank became insolvent, and a receiver was appointed...

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