Page Trust Co. v. Carolina Construction Co.

On 16 May, 1922, the Carolina Construction Company contracted with the Board of Trustees of the "Wadesboro Graded School to provide all the material and perform all the work necessary foi} the erection and completion of a school building in Wadesboro, and a few days thereafter executed a penal bond, with the American Surety Company of New York as surety, conditioned to indemnify the board of trustees ¿gainst any loss or damage directly arising by reason of tbe contractor’s failure to perform bis contract. Owing to financial difficulties tbe contractor made default, and witb bis consent and…