Judgment against a Principal is Binding and Conclusive on a Surety
By Gallivan White & Boyd, PAThe South Carolina Court of Appeals recently reaffirmed the rule that "a judgment against a principle is binding and conclusive on a surety." Ward v. Fed. Co., 233 S.C. 561, 106 S.E.2d 169 (1958). In International Fidelity Ins. Co. v. China Construction America (SC) Inc., Opinion No. 4288, August 21, 2007, Contractor subcontracted electrical work from Subcontractor and had to post performance and payment bonds in the full amount of the subcontract from Surety. Subcontractor became insolvent and failed to complete the subcontract on time. Contractor sought breach of contract damages against Subcontractor and Surety among other relief. Surety "bonded off the liens" and Contractor received a judgment against Subcontractor for breach of contract. Thereafter, Surety filed an action against Contractor for the balance of the subcontract, arguing that the prior judgment against Subcontractor was not binding because it was beyond the scope and coverage of the bond. |
