Iowa Code

Iowa Code § 524.705 (2026)

Bonds of officers and employees

✓ current as of July 2026

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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. [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] 95 Acts, ch 148, §73

Notes of Decisions

Cited in 6 cases, 1979–2017 · leading case: Am. Trust & Sav. Bank v. United States Fid. & Guar. Co., 418 N.W.2d 853 (Iowa 1988).

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Am. Trust & Sav. Bank v. United States Fid. & Guar. Co., 418 N.W.2d 853 (Iowa 1988). · cites it 16× “Iowa Code § 524.705 . In this instance the bank acted for its employees in securing the banker’s blanket bond.”

Kansas Bankers Sur. Co. v. Farmers State Bank, Yale, 408 F. Supp. 2d 751 (S.D. Iowa 2005). · cites it 9× “FSB relies on Iowa Code § 524.705 which requires officers and employees of state banks to give a bond protecting the bank from loss due to their malfeasance.”

Fed. Deposit Ins. Corp. v. Nat'l Sur. Corp., 281 N.W.2d 816 (Iowa 1979). “3, The Code, 1966, and § 524.705, The Code, 1971. See Community Savings Bank v.”

Renasant Bank v. St. Paul Mercury Ins. Co., 235 F. Supp. 3d 805 (N.D. Miss. 2017). “” Iowa Code § 524.705 . The statutory language is somewhat similar to the analogous Mississippi statute, expressly requiring the officer/employee to .”

First Am. State Bank v. Cont'l Ins., 897 F.2d 319 (8th Cir. 1990). “” Iowa Code § 524.705 (1970). The Bond in the instant case provided coverage for: (A) Loss resulting directly from one or more dishonest or fraudulent acts of an Employee, committed anywhere and whether committed alone or in collusion with others, including loss of Property…”

Am. Tr. & Sav. v. Fid. & Guar., 418 N.W.2d 853 (Iowa 1988). · cites it 16× “Iowa Code § 524.705 . In this instance the bank acted for its employees in securing the banker's blanket bond.”

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