Van Varick v. Van Varick, Inc.

In July, 1931, defendant corporation entered into a contract with the board of education of the town of Bloomfield for the installation of certain plumbing work in a school in the town. On July 25th, 1932, receivers were appointed in this court for the corporation. At that time, the contract with the board of education was partially completed and by the terms of the contract, upon completion there was to be paid to the defendant the sum of $5,474.25. The receivers and their counsel made a rather extensive investigation as to the possibility of completing the contract for less than the balance…