Blair v. Board of Education (38 Ohio App. 303, 1930)

Kunkle, J.

The pleadings show that in February, 1926, the board of education of Prairie township, Franklin county, Ohio, designated the Commercial Bank of West Jefferson as the depository of the funds of the said board; that a depository bond was executed with the bank as principal and the Ohio Casualty Insurance Company as surety to secure the deposit of the monies of the said board of education in said Commercial Bank to the extent of $10,000, that being the amount of the bond; that in May, 1927, the superintendent of banks took over the said Commercial .Bank of West Jefferson for the purpose.of liquidating the same according to law; that when the said superintendent of banks so took over the Commercial Bank, the board of education of Prairie township had on deposit in the bank $32,376.89; that later, namely, in December of 1927, a dividend of 20- per cent was paid by the said superintendent of banks to the said board of education and others; that in August of 1928 the defendant the Ohio Casualty Insurance Company paid to said board of education the sum of $10,300, that being the amount of its bond with interest, and that thereupon the said Insurance Company filed proof of its claim with the superintendent of banks, claiming that on account of said payment by it to the said board of education there w