Commonwealth v. American Bonding Co.
Commonwealth v. American Bonding Co.
Opinion of the Court
Opinion by
From no point of view can we regard this appeal as having any merit. A bond given by a guardian and approved by the court shall be deemed to be held in trust for all persons interested: Newcomer’s App., 43 Pa. 43. Even the court has no authority to release the bond with
Judgment affirmed.
Reference
- Full Case Name
- Commonwealth, to use v. American Bonding Company
- Cited By
- 3 cases
- Status
- Published
- Syllabus
- Sureties — Guardian’s bonds — Power of court to reduce. 1. A bond given by a guardian and approved by the court shall be deemed to be held in trust to all persons interested, and the court has no authority to release the bond without the consent of all parties in interest. 2. A bonding company became a surety on the bond of a guardian in the penal sum of $25,000. The bond as executed was never surrendered, or cancelled by the court or changed by the parties in interest. The bonding company never made any application to the court to have the bond released or reduced in amount, nor did it ask at any time that the guardian be required to give additional security. The guardian made application to the court to have the amount of the bond reduced and the bond was accordingly .reduced to $4,000. The guardian subsequently filed an account showing a balance in his hands of over $14,000. Upon the failure of the guardian to pay this amount to the ward an action was instituted by the ward against the guardian and the bonding company as surety on the bond. The bonding company acknowledged liability in the amount of $4,000, but denied liability for the balance of the ward’s claim. The court directed a verdict for the full amount against the bonding company. Held, no error.