Contracts Keyed to Calamari
Cooper v. Holder
In January of 1961, Holder borrowed $50,000 from Cooper. In March of 1961, Holder entered into a contract with the City of Moab to perform certain engineering services. In April of 1961, Holder borrowed another $10,000 from Cooper. As security for this $10,000 loan, Holder assigned to Cooper the right to receive the monies owed to him by the City of Moab for his work as an engineer. The Moab City Mayor, Kenneth E. McDougald, received a notice of assignment and he signed an acknowledgement "reciting that payment would be made in accordance therewith." For some reason the City of Moab did not honor the assignment and made the payment directly to Holder.
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