524.705 - BONDS OF OFFICERS AND EMPLOYEES. - Iowa Statutes

524.705 BONDS OF OFFICERS AND EMPLOYEES. The officers and employees of a state bank having the care, custody, or control of any funds or securities for any state bank shall give a good and sufficient bond in a company authorized to do business in this state indemnifying the state bank against losses, which may be incurred by reason of any act or acts of fraud, dishonesty, forgery, theft, larceny, embezzlement, wrongful abstraction, misapplication, misappropriation, or other unlawful act committed by such officer or employee directly or through connivance with others, until all of the officer's or employee's accounts with the state bank are fully settled and satisfied. The amounts and sureties are subject to the approval of the board of directors. The superintendent may require higher amounts as deemed necessary. If the agent of a bonding company issuing a bond under this section is an officer or employee of the state bank upon which the bond was issued, the bond so issued shall contain a provision that the bonding company shall not use, either as a grounds for rescission or as a defense to liability under the terms and conditions of the bond, the knowledge that the agent was so employed, whether or not the agent received any part of the premium for the bond as a commission.          Section History: Early Form [C97, § 1845; C24, 27, § 9169; C31, 35, § 9169, 9217-c3; C39, § 9169, 9217.3; C46, 50, 54, 58, 62, 66, § 526.12, 528.3; C71, 73, 75, 77, 79, 81, § 524.705]          Section History: Recent Form 95 Acts, ch 148, §73