New York Plumbing & Building Supplies Co. v. Aetna Casualty & Surety Co.

The International Gypsum Corporation, Limited, entered into negotiations with the plaintiff in the endeavor to make a sale of wall plaster to it, its proposal being that the plaintiff give to it trade acceptances to cover the price. The plaintiff was unwilling to give such acceptances unless it could itself have security against loss in the transaction. Riddle, the president of the Gypsum Corporation, thereupon, on October 9th, 1923, secured the execution by the defendant bonding company of the bond upon which this suit is based. This bond is dated that day; runs in the sum of $14,000;…