City of Albertville v. Universal Electric Const. Co.

BROWN, Justice.

The contract evidencing the indebtedness for the construction of the distribution system by the complainant for the City of Albertville was with the consent and concurrence of said city hypothecated by the complainant as collateral security for advance of capital used in the prosecution of the work, and at the time of filing of the bill was owned and held by the complainant’s creditor, the New Orleans Commercial Corporation as pledgee.

The complainant, therefore, was without right to sue at law for the recovery of any balance due under said contract. Code of 1923, § 5699, Code…