McDavid v. Union Indemnity Co.

Suit to recover statutory penalty for the failure to satisfy a mortgage of record.

The agreed statement of facts recites that one Barnett entered into a building contract with Law and Weir; the Union • Indemnity Company guaranteeing its faithful performance. Law and Weir discharged their obligation under the contract to Barnett by assigning to him a mortgage executed by Charles J. MeDavid to Law and Weir, which he in turn pledged to Schwab. Barnett failed to perform his part of the contract, and the surety company 'discharged their liability under the bond by paying Law and Weir approximately…