Ulen Securities Co. v. City of El Paso

PELPHREX, Chief Justice.

In September, 1931, the city of El Paso proposed to issue approximately $1,500,000 worth of funding bonds in accordance with the “Bond and Warrant Law of 1931” (Acts 1931, c. 163 [Vernon’s Ann. Civ. St. art. 2368a, §§ 1-11]), and on September 10, 1931, bids from prospective purchasers were open and a contract to .sell said bonds was entered into with the firm of Glaspell, Veith & Duncan, of San Antonio, Tex. As a part of the contract, Glaspell, Veith & Duncan posted a cashier’s check for $15,000 with the State National Bank of El Paso, Tex.

That part of the proposal…