Cole v. Merchants Bank

On petition for a rehearing.

Perkins, J.

An earnest petition, for a rehearing has been filed in this cause, in which it is insisted, that a contract of guaranty is not assignable at common law.

We concede that there is a conflict of authorities on this point. The form of the guaranty in this, case will be noticed. It is upon the note. It is addressed to no particular person. The endorsement transferring the paper is below the guaranty, and is not limited to the note, but is in these words : “ Pay to the order of Merchants Bank, of Watertown, New York.” It is plain enough that this assignment was…