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action affirmed agreement American Surety Co amount App.Div appeal applied assignment bankrupt bankruptcy bill of lading bond broker cars chattel mortgage claim Col.L.Rev collateral conditional sale consideration contract contractor corporation court of equity creditor debt debtor decision deed default defendant deposit discharge doctrine draft enforce entitled equitable lien equity executed fact Fidelity filed foreclosure fund guarantor Hanna Harv.L.Rev held indorser insolvent interest judgment L.Ed L.Rev land lender letter of credit liability loan materialmen ment mortgagor National Bank National Surety National Surety Co Negotiable Instruments notice obligation owner Pa.L.Rev paid parties payment performance person plaintiff pledge pledgor possession principal principal's provisions purchase question received Reconstruction Finance Corporation rule S.Ct Security Rev seller Statute of Frauds subrogation supra Supreme Court surety company surety's Suretyship thereof tion transaction transfer trust receipt vendee Yale L.J. York