City of Floydada v. American La France & Foamite Industries, Inc.

HOLMES, Circuit Judge.

In January, 1929, the appellee sold and deliveréd to appellant a certain truck, equipped with fire-fighting apparatus, for the price of $10,500, payable $2,500 upon delivery and the balance in eight annual installments of $1,000 each, evidenced by a city warrant for each installment, bearing interest at the rate of 6 per cent, per annum from January 1, 1929. The delivery payment of $2,500 was satisfied in cash, except as to $1,500 which was allowed as a credit for an old truck, traded by the City to the seller of the new truck. The first three warrants were paid upon…