Picard v. Shantz
Mississippi Supreme Court
Prom the circuit court of Harrison county. Hon. S. H. Terral, Judge. Appellee, Mrs. Shantz, and one Collins entered into a written contract, by which the latter agreed to build for her a house for $1,000, she agreeing to make payments on installments as the work progressed, the last payment of $250 to be made when the building was completed.
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Prom the circuit court of Harrison county. Hon. S. H. Terral, Judge. Appellee, Mrs. Shantz, and one Collins entered into a written contract, by which the latter agreed to build for her a house for $1,000, she agreeing to make payments on installments as the work progressed, the last payment of $250 to be made when the building was completed. Appellee required security for the faithful performance of the contract, and appellant, Picard, by written instrument, became “ surety to the amount of $250 that Collins would fill his contract for the building of the house according to the plans and…
1Opinion of the CourtCooper, J.
The stipulation of the contract that payments should be-made by Mrs. Shantz to Collins, the contractor, by install.ments as the work progressed, and that the last payment of two hundred and fifty dollars should be payable only on completion of the house, operated as security to her for the-execution of his contract by Collins. Upon familiar and settled principles, Picard, surety for Collins, was entitled to the benefit thereof, and, to the extent that he was deprived of' this security by the acts of Mrs. Shantz in anticipating payment to the contractor, he is discharged as surety. Law v. East…
2Cases cited4 opinions
- Stevens v. CooperNew York Court of Chancery · 1815
- Neff's AppealSupreme Court of Pennsylvania · 1845
- Howell v. BakerNew York Court of Chancery · 1819
- Clopton v. SprattMississippi Supreme Court · 1876
3Cited by8 opinions
- Canal Bank & Trust Co. v. BrewerMississippi Supreme Court · 1927
- Ramada Development Company, a Corporation v. United States Fidelity & Guaranty Company, a CorporationCourt of Appeals for the Sixth Circuit · 1980
- Sandusky Grain Co. v. Borden's Condensed Milk Co.Michigan Supreme Court · 1921
- United States Fidelity & Guaranty Co. v. ParsonsMississippi Supreme Court · 1927
- National Union Indemnity Company v. G. E. Bass and Company, Inc.Court of Appeals for the Fifth Circuit · 1966
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