Mangrum

The action was to recover upon a bond given to support a builder’s contract, as contemplated by section 1203 of the Code of Civil Procedure. The facts disclosed were that the owners had entered into a written contract with the contractor for the building of a dwelling-house in the town of Palo Alto, for the contract price of two thousand and thirty dollars. The owner desired to borrow fifteen hundred dollars, secured by mortgage upon the premises, from a loan association. The loan association agreed to advance the money upon the'execution of the bond. The contractor, on the day after the date of the execution of the contract, and after work under the contract had commenced, caused the bond in question to be prepared, signed by sufficient sureties, and delivered to Hr. Bowden, the attorney for the loan association. It remained in his possession and was never filed. The bond, as to its terms and conditions, was precisely the undertaking contemplated by section 1203 of the Code of Civil Procedure. It referred to the builder’s contract; was for an amount "equal to at least twenty-five per cent of the contract price hereinafter referred to”; by its terms it was made to inure to the…