United Pacific Insurance Co. v. First National Bank of Prestonsburg

HENRY MEIGS, II, Special Commissioner.

Appellee bank sued appellant surety company to recover monies loaned to Robin-Todd Corporation, contractor, claiming equitable subrogation to the rights of laborers and materialmen who furnished work and materials to the contractor in its performance of five building contracts it had undertaken more or less simultaneously. On four of these contracts appellant was surety on the contractor’s performance bond.

J. C. Wells was named as defendant, but made no defense in the trial court. Acting for Robin-Todd Corporation, he negotiated a series of loans through…