American Surety Co. v. Musselman

On September 22, 1905, defendant, who had been appointed receiver for the firm of Could Brothers, insolvent, made a written application to plaintiff for a surety bond for himself as such assignee. In the application he agreed to pay for such bond $40, and a like sum on the 22d day of September in each year thereafter, until plaintiff should be notified of its release as surety in the manner prescribed in such .application. The bond ivas secured, approved, and defendant entered upon the discharge of his duties as such assignee. Defendant paid the first instalment of $40, but failed and refused…