Gulf States Steel Co. v. United States

While I think the taxpayer, Gulf States Steel Company, is liable on the first bond given, it and National Surety Company, which signed the third bond only, are not liable on that bond. The surety on the first bond was released in consideration of the signing of the second, but the first bond was not surrendered but held against the principal, and the second expressly states that it was to “further secure the payment of the amount found to be due the United States.” The third bond does not mention the first at all and does not supersede it. The first bond is conditioned “that the Gulf States…