Seaboard Surety Co. v. William R. Phillips & Co.

In May, 1960, J. E. Milam Construction Company, Inc., hereinafter referred to as Milam, was engaged in the general contracting business. Seaboard Surety Company had bonded Milam on some of his contracts and Western Casualty and Surety Compariy' had bonded others. The plaintiff below, William R. Phillips & Co., Inc. (hereinafter referred to as Phillips) was agent for Western Casualty and there was a premium due Phillips in the amount of $8,021.07. Milam executed two notes payable to Phillips totalling this amount, on May 28, 1960. These notes were payable at the Bessemer Branch of The First…