Burdette v. Lascola

This appeal is concerned with the effort by the Peoples Lumber and Supply Company, Inc., (Peoples), appellant, to avoid financial responsibility under a “completion bond” that it signed on behalf of a builder, Perry G. Burdette, another appellant. The question before us is who is the obligee under the bond. Before undertaking to resolve the issue, a brief history of surety law is in order so as to comprehend better the matter.

Suretyship commenced with the beginning of civilization. 1 References to suretyship are found in the Bible. 2 Although there is evidence of a surety contract as far back…