State of Rio De Janeiro v. E. H. Rollins & Sons, Inc.

E. H. Bollins & Sons (as its corporate name then was, being now United Associates, Incorporated, defendant above named), failed, in January, 1932, to pay to plaintiff, the State of Bio De Janeiro, a balance which then became due from the former to the latter, on a contract for the sale and purchase of the State’s bonds. This suit was commenced in December, 1940, nearly nine years after the default. Special Term, as affirmed by the Appellate Division, arrived at these conclusions:

1. That, since the relationship between the two parties to the bond sale agreement was contractual only, and…