City of Tampa v. W. L. Cobb Construction Co.

Appellee, W. L. Cobb Construction Company, a corporation, plaintiff in the court below, was the holder of a paving certificate issued by the City of Tampa and which contained the following guaranty provision;

“The payment of this Certificate and annual interest thereon is hereby guaranteed by the City of Tampa; and in case of non-payment of principal and annual interest at maturity by the owner of property herein described, and the holder or owner of this certificate shall have failed to collect the same by suit, against the property or the owner thereof, the same shall be redeemed by the City…