Peavey v. Loveland
Wisconsin Supreme Court
Appeal from a judgment of the circuit court for Bayfield county: G. N. Risjord, Circuit Judge. Consolidated actions to foreclose a mortgage and to enforce the personal liability of the guarantor of the payment of a note for $5,000. . The written guaranty read: “I hereby guárantee payment of the within note and mortgage before and after, maturity. FI. FI. Peavey.”
Read the full summary
Appeal from a judgment of the circuit court for Bayfield county: G. N. Risjord, Circuit Judge. Consolidated actions to foreclose a mortgage and to enforce the personal liability of the guarantor of the payment of a note for $5,000. . The written guaranty read: “I hereby guárantee payment of the within note and mortgage before and after, maturity. FI. FI. Peavey.” The consideration for the guaranty was the assignment to Peavey by the payee of the note, Loveland, of a one-half interest in notes other than the one guaranteed, aggregating $10,000, secured by the same mortgage which Peavey has…
1Opinion of the CourtVinje, J.
The facts are not set forth fully because the appeal raises only two material questions that could 'well be stated abstractly. The first is whether there has been such an execution of the agreement on the part of Loveland by the transfer to Peavey of a one-half interest in the $10,000 notes as to lift the guaranty out of the statute of frauds. *59It is a familiar principle that where one on the strength of a defective agreement in good faith parts with a valuable consideration which enriches the promisor, a court of equity-will enforce the agreement though it requires the lifting of it out of…
2Cases cited5 opinions
- Rowell v. SmithWisconsin Supreme Court · 1905
- Dyer v. GibsonWisconsin Supreme Court · 1863
- Commercial National Bank of Appleton v. SmithWisconsin Supreme Court · 1900
- Grace v. LynchWisconsin Supreme Court · 1891
- Phillips v. HollandWisconsin Supreme Court · 1912
3Cited by2 opinions
- Gould v. JacksonWisconsin Supreme Court · 1950
- McCoy, Guardian v. HydrickSupreme Court of South Carolina · 1928