By M. Jonathan Hayes, Certified Bankruptcy Specialist, Northridge, CA
Williams v. U.S. Fidelity & Guaranty Company, 236 U.S. 549 (1915)
Issue: Is the debtor’s liability to a surety which has posted a bond on his behalf, a “debt” under the code at the time and therefore discharged?
Holding: Yes.
Justice James C. McReynolds:
The debtor, a building contractor, obtained a construction completion bond from U.S. Fidelity. When the debtor failed to complete the project, the owner completed it . . .
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