California Standard Finance Corp. v. Bessolo & Gualano, Inc.

HOUSER, J.

From the record herein it appears that Bessolo and Gualano, Inc., a corporation, executed its promissory note .for the sum of $15,000 in favor of one Balfour; that later the payee of said note, together with Bessolo and Gualano, each as individuals, executed a guarantee of payment thereof, and thereupon delivered it to the plaintiff, together with a certain bond executed by the defendant Fidelity Union Casualty Company, which purportedly also guaranteed the payment of said note, and which latter instrument was as follows, to-wit:

“Fidelity Union Casualty Company

“Dallas

“No. 79807 Bond

“........No.

“Know All Men By These Presents:

“That we, Bessolo & Gualano, Inc., as Principals, and the Fidelity Union Casualty Company, a corporation, as Surety, are held and firmly bound unto California Standard Finance Corporation, its successors and assigns, in the sum of Fifteen

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Thousand & 00/100 ($15,000) Dollars, gold coin of the United States of America, for the payment of which well and truly to be made, we bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally.

“Signed, Sealed and Dated this 15th day of August, 1928.

“Whereas, Bessolo & Gualano, Inc., have executed a note in favor of F. C. Balfour, same being dated August 1st, 1928, in the amount of Fifteen Thousand & 00/100 ($15,000.00) Dollars, due October 30th, 1928, bearing interest at twelve per cent (12%) per annum from date of note, and

“Whereas, F. C. Balfour, has sold said note to California Standard Finance Corporation, and the California Standard Finance Corporation have accepted to purchase said note,

“Now, Therefore, The Condition Of This Obligation Is Such, that if Bessolo & Gualano, Inc., shall pay or cause to be paid to California Standard Finance Corporation, said note for Fifteen Thousand