Benson v. Saffert-Gugisberg Cement Construction Co.

Lees, C.

The sureties on a public contractor’s bond given by William H. Gugisberg were liable for the purchase price of cement pipe furnished by the Saffert-Gugisberg Cement Construction Company, a Minnesota corporation. After the pipe was ordered, the corporation issued 40 shares of its stock to Gugisberg. It had a lien on the stock to secure the payment of Gugisberg’s indebtedness. Section 6176, G. S. 1913. The certificates were in the possession of the defendant Saffert. After Gugisberg’s death, the sureties paid his debt to the corporation and brought this action to compel Saffert to…