Requirements of section not absolute.

- None of these provisions, Ga. L. 1917, p. 199, §§ 1, 2 and Ga. L. 1924, p. 86, §§ 1, 2 (see O.C.G.A. §§ 36-1-8,36-6-16, and36-6-17), make the statutory requirements absolute. Century Indem. Co. v. Fidelity & Deposit Co., 175 Ga. 834, 166 S.E. 235 (1932).

Right to receive deposit not conditional upon giving bond.

- Former Code 1933, § 23-1018 (see O.C.G.A. § 36-6-17) did not purport to condition the right to receive the deposit upon the giving of a bond but fixed a duty on the depository which has undertaken so to act to give a bond to the treasurer sufficient to protect the treasurer officially from any loss. Hancock County v. Hancock Nat'l Bank, 67 F.2d 421 (5th Cir. 1933).

Treasurer does not make deposit at the treasurer's own risk and does not take bond for the treasurer's personal benefit, but the treasurer acts throughout for the county and in the treasurer's official capacity, and the bond is to be payable to the treasurer as treasurer and is to prevent loss to the treasury. Hancock County v. Hancock Nat'l Bank, 67 F.2d 421 (5th Cir. 1933).

Treasurer liable if unable to produce funds.

- Notwithstanding such deposits, the treasurer and the treasurer's bondsmen are liable if the funds are not forthcoming when officially required. Century Indem. Co. v. Fidelity & Deposit Co., 175 Ga. 834, 166 S.E. 235 (1932).

Fact of deposit not default.

- County treasurers in Georgia very generally deposit the treasurers' public funds in a bank as a convenient and safe method of handling. Such deposits have never been considered as amounting to a default. Century Indem. Co. v. Fidelity & Deposit Co., 175 Ga. 834, 166 S.E. 235 (1932).

Security company has duty to investigate.

- When a security company agrees to execute a surety bond of a public officer, the company has the opportunity and should avail itself of every means of ascertaining exactly what position that officer occupies with respect to public funds for which the company assumes liability. Century Indem. Co. v. Fidelity & Deposit Co., 175 Ga. 834, 166 S.E. 235 (1932).

Am. Jur. 2d.

- 63C Am. Jur. 2d, Public Funds, § 19 et seq.

C.J.S.

- 26B C.J.S., Depositaries, § 67.