Traner

This is an appeal by plaintiff from a summary judgment entered in favor of defendant.

Plaintiff is president of Traner-Small Company, Inc., a corporation. One May Scanlon, an employee of the corpora *780 tion, embezzled funds of the corporation. To conceal the embezzlement she forged plaintiff’s signature on a check for $3,500, made payable to the corporation, and drawn on plaintiff’s individual account with defendant. She deposited the check in the corporation’s account with the Bank of America. Upon presentation, defendant honored the check and debited plaintiff’s account accordingly. Upon discovery of the facts, plaintiff demanded that defendant credit his account with the amount of the cheek. Defendant refused.

At the times here involved there was in effect a fidelity bond executed by St. Paul-Mercury Indemnity Company, as surety, to the corporation, as obligee, indemnifying the corporation against losses arising from the defalcations of the latter’s employees. Having been refused reimbursement by defendant, plaintiff thereupon sought recovery of his loss from St. Paul, claiming that he was protected from such loss by the fidelity bond. St. Paul refused payment, on the…