Industrial Bank of Washington v. United States of America

Appellant Industrial Bank of Washington (Bank), on March 1, 1966, loaned money to Art’s Decorating and Cleaning Company (Contractor), on the security of the Contractor’s assignment to the Bank of all moneys due or to become due from the Government under contract executed October 29, 1965, for rendering by Contractor of cleaning services at a General Services Administration (GSA) building. The Bank gave notice of its assignment to the GSA, and to appellee Reliance Insurance Company (Surety) which had, under date of November 3, 1965, executed a performance bond to protect the Government against…