McMaster's Commercial Decisions Affecting the Banker and Merchant; From the Decisions of the Highest Courts of the Several States Volume 14

McMaster's Commercial Decisions Affecting the Banker and Merchant; From the Decisions of the Highest Courts of the Several States Volume 14

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1911 edition. Excerpt: ...to this. There two contracts were under consideration, a construction contract, and a contract of suretyship by a surety company. In disposing of the case the court uses this language: " But while the concern of the surety in the principal contract is thus a vital one, it is only in its relation to the surety's liability under another contract, its contract of suretyship, that it exists at all. Beyond the point where this liability is touched, the surety company, being a stranger to the_constructi0n contract, has no interest in it. For these reasons is follows that the defendant surety company cannot found a defense upon any conduct of the parties to the principal contract which is either conformable to its provisions, or, being a departure from its letter, was not a material one." There can be no disagreement with respect to the law as here stated. The interest of the bonding company in the earlier contract, to which it was not a party, could arise only at the point where its liability was touched; and we agree. further, that, where its liability was touched, it must be in connection with something material before the conflict can be made available as a defense. This brings us to the second contention of appellants, viz., that the settlement of March 13th involved no material departure from the contract of Feb. 26, 1906. In all essential particulars the appellee here is an insurance company, and its obligation in this particular instance was that of an insurer. It was paid for its undertaking; the amount of its compensation being based on the calculation of risk assumed. The trend of all our modern decisions, federal and State, is to distinguish between individual and corporate suretyship where the latter is an...show more

Product details

  • Paperback | 402 pages
  • 189 x 246 x 21mm | 717g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236811348
  • 9781236811349