Uvalde Rock Asphalt Co. v. City of Shreveport

In April, 1929, the. city of Shreveport entered into a contract with the Shreveport Paving Company, Inc., for the paving of Emery street from Velva street to Portland street. The surety on the contractor’s bond was the United States Fidelity & Guaranty Company. Shortly after the contract was executed the contractor assigned the avails thereof as collateral security to the American National Bank, which had agreed to finance the contract.

The total consideration of the contract was $15,703.10, on which the city of Shreveport paid the bank for account of the contractor the sum of $9,378, leaving…