The proof before the Referee shows that Psaty & Fuhrman, Inc., third party, was the contractor on a public improvement construction. The judgment debtor, Monarch Concrete Corp., was its subcontractor. For Psaty's advantage, to avoid the consequences of the indicated default in performance by Monarch, the contract was modified by letter from the latter to Psaty, dated January 10, 1956, so that payments to become due for Monarch...
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