Travelers Casualty and Surety Co. v. Bowman
A.G. Carlson, Inc., a metalworking corporation, had contracts to work on construction projects for three governmental entities. Performance bonds were required for these projects, and, in the issuance thereof, it was required that the two individuals who were Carlson's sole shareholder and its president sign an agreement to indemnify the sureties on the performance bonds for any losses they might incur.