Aetna Casualty & Surety Company v. Lindell

This action was brought in three counts by Aetna Casualty & Surety Company, a corporation, (hereinafter referred to as "Aetna") against the Lindell Trust Company, a corporation, (hereinafter referred to as "Trust Company") to recover the amount which it, as insurer of an employee of International Purchasing & Engineering Company, (hereinafter referred to as "International") paid to said International under the terms of a fidelity bond, wherein Aetna insured International for any losses occasioned by unauthorized endorsements of checks payable to International. Aetna appeals from a judgment in favor of the Trust Company. It was alleged in each count of Aetna's petition that each of the three checks involved was made payable to the "International Purchasing and Engineering Company" by the makers of said checks and that Lester F. Herman had endorsed each of said checks without authority and, subsequently, each "check was cashed by the defendant Lindell Trust Company upon the purported endorsement of the International Purchasing & Engineering Company." It was further alleged that the purported endorsement of International was wholly unauthorized and that International never received any of the proceeds of said checks.