[DOWNLOAD] "Trinity Universal Insurance Co. v. Farmers State Bank of Augusta" by Court Of Appeals Of Kentucky # Book PDF Kindle ePub Free
eBook details
- Title: Trinity Universal Insurance Co. v. Farmers State Bank of Augusta
- Author : Court Of Appeals Of Kentucky
- Release Date : January 01, 1945
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 70 KB
Description
Opinion OF THE COURT BY MORRIS, COMMISSIONER--Reversing Suit below was by appellee against appellant on account of a note executed by a contractor to the bank for $2,000. Judgment went for plaintiff and this appeal follows. There is no disagreement as to the facts leading up to the controversy. On February 15, 1939, the fiscal court of Bracken County contracted with Zaepfel and Russell for the erection of a school building in Brooksville. The contractor executed the usual faithful performance bond, guaranteeing the payment of all obligations incurred on account of labor and materials furnished in connection with the completion of the building. Appellant executed as surety. Work commenced soon after the execution of the contract on bond. On March 30, shortly after beginning work, the contractor executed to appellee bank a note for $2,000. At that time it was arranged between them that proceeds of the March 30th note, and further notes executed to the bank as were necessary for the purpose, were to be applied to the payment of material and labor claims, on checks issued by the contractor. There was also given to the bank the following writing addressed to the court: ""This letter will serve as your authority to mail our monthly estimate checks for Brooksville school building to Farmers Bank, Augusta."" The superintendent of county schools indorsed the writing: ""We shall be glad to comply. Checks will be mailed as directed.""