Watts v. Southern Surety Co.

In 1928 the Southern Surety Company of Iowa sold to plaintiff certain Oklahoma improvement bonds, with a repurchasing agreement. In 1929 the Southern Surety Company of Iowa was taken over by the defendant, the Southern Surety Company of New York, which, in lieu of the repurchasing agreement of the Iowa corporation, executed a similar agreement to repurchase the bonds at their face value on October 15, 1931. It failed to carry out its agreement and this action was brought to recover $2,700 thereon on February 18, 1932. Under the writ of attachment issued on the same date plaintiff duly served…