Page County v. Fidelity & Deposit Co.

— I. The bond sued on contained the following provision:

“Fifth: That no suit, action or proceedings shall be brought or instigated against the ‘surety’ upon or by reason of any de fault of tbe ‘principal’ until after the expiration of sixty days after such default, or in no event after the expiration of ninety (90) days after such default.”

The plaintiff having failed to bring its action within the period hereby stipulated, it is contended that the action is barred by the limitation of the contract.

The right of parties to a contract to stipulate for a reasonable limitation of time for the…