The Truth About FIBS (Financial Institution Bonds) in Mississippi: When Express Terms Conflict With Statutory Requirements

Authors

Ronald J. Rychlak, University of Mississippi School of Law

Publication Date

Spring 2024

Abstract

In Mississippi, Financial Institution Bonds (FIBs) are statutorily-required financial instruments that cover officers or employees of a bank (or other financial institution) to protect financial institutions against losses caused by matters such as dishonesty; forgery; fraud; kidnapping, ransom, or extortion; and counterfeiting. State statutes set forth the terms that are to be included in the FIB, but standard forms are promulgated by the Surety Association of America (SAA) or on special forms drafted by the surety.

A problem can arise if the terms on the executed bond form do not coincide with the requirements of the state statute.

Recommended Citation

Rychlak, Ronald J. (2024) "The Truth About FIBS (Financial Institution Bonds) in Mississippi: When Express Terms Conflict With Statutory Requirements," Mississippi College Law Review: Vol. 36: Iss. 1, Article 6.
Available at: https://dc.law.mc.edu/lawreview/vol36/iss1/6