George T. Bishop, Inc. v. Jones

The plaintiff sold an automobile to the defendant who executed his note in part payment thereof. A short time thereafter the defendant transferred the automobile to one R. B. Leavell, with the agreement with the plaintiff and Leavell that the latter would assume the note. Pursuant to said agreement Leavell indorsed the note under a printed' form on the back of it which bound “each and all of the indorsers herein,” jointly and severally to guarantee the payment, etc.

Some time after the purchase of the automobile from the defendant by Leavell, the holder and pledgee of the note, the Motor…