CONTINENTAL CASUALTY COMPANY v. Farnow

OPINION

By the Court,

Badt, C. J.:

This action was commenced by appellant in the court below to recover a sum of money from respondents upon a contract of indemnity executed by respondents indemnifying appellant against loss by reason of its completion bonds for the performance of certain construction contracts.

We determine in this case that as a matter of law, indemnitors indemnifying against loss the surety on a completion bond upon a construction contract had no such interest in or control over a “retent” held by a bank-mortgagee, pending expiration of statutory period for filing material and…