SCHEINEMAN, J.
This case involves a surety bond issued by the defendant to cover losses of the plaintiff by virtue of defalcations on the part of employees. The amount of the liability was limited to $5,000 and there was a provision that any recoveries made by the insured could be retained to apply on losses exceeding the face amount of the bond. There was also the usual provision for giving notice of liability and making proof of loss within a limited time.
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