City Nat. Bank of Beaumont v. American Surety Co. of New York

In November, 1926, the Watson Company, a corporation, and Chas. F. Law, jointly, entered into a contract with the Jefferson Amusement Company of Beaumont to build for the latter company a theater building in Beaumont. It was agreed by and between the Watson Company and Law that they were to share equally the expenses and profits of the building enterprise. The proceeds of the building enterprise, as same were, collected by the joint adventurers, Law and the Watson Company, were deposited by them in the City National Bank of Beaumont to their joint credit. It was understood that, with respect…