Opinion
November 19, 1937.
Appeal from Supreme Court of New York County.
Hartwell Cabell of counsel [ Joseph S. Catalano with him on the brief; Cabell, Ignatius Lown, attorneys], for the appellant.
David S. Konheim of counsel [ William Lurie, attorney], for the respondent.
Present — MARTIN, P.J., GLENNON, UNTERMYER, DORE and CALLAHAN, JJ.
The plaintiff's argument proceeds upon a misconception of the provisions of the bond. The bond indemnifies the insured against " the direct loss * * * of any money or securities * * * held by the insured * * * as bailee, trustee or agent, and whether or not the insured is liable therefor * * * through any dishonest act, wherever committed, of any of the employees." In other words, the indemnity is against the loss of property, though it is the property of others, resulting from the dishonesty of its employees. So far as appears, that loss occurred before the execution of the defendant's bond and is, therefore, not included within its provisions.
The judgment should accordingly be affirmed, with costs.
Judgment unanimously affirmed, with costs.