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 companyauthorized to do business in this state indemnifying the state bank against losses, whichmay be incurred by reason of any act or acts of fraud, dishonesty, forgery, theft, larceny,embezzlement, wrongful abstraction, misapplication, misappropriation, or other unlawful actcommitted by such officer or employee directly or through connivance with others, until allof the officer’s or employee’s accounts with the state bank are fully settled and satisfied. Theamounts and sureties are subject to the approval of the board of directors. The superintendentmay require higher amounts as deemed necessary. If the agent of a bonding company issuinga bond under this section is an officer or employee of the state bank upon which the bond wasissued, 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 ofthe bond, the knowledge that the agent was so employed, ovision that the bonding company shall not use,either as a grounds for rescission or as a defense to liability under the terms and conditions ofthe bond, the knowledge that the agent was so employed, whether or not the agent receivedany 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 Sat Dec 23 01:16:04 2023 Iowa Code 2024, Section 524.705 (22, 0)
Iowa Legal Code