Macklin v. Northern Bank
Court of Appeals of Kentucky
Case 47 — PETITION EQUITY — APPEAL PROM KENTON CHANCERY COURT. 1. Equity will not subrogate the creditor to an indemnity given the surety by a stranger, unless it be under circumstances of inducement to the creditor to extend the credit upon the faith of the indemnity, at the instance of the party giving the indemnity, thereby creating a priority between the stranger and the creditor.
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Case 47 — PETITION EQUITY — APPEAL PROM KENTON CHANCERY COURT. 1. Equity will not subrogate the creditor to an indemnity given the surety by a stranger, unless it be under circumstances of inducement to the creditor to extend the credit upon the faith of the indemnity, at the instance of the party giving the indemnity, thereby creating a priority between the stranger and the creditor. (Cooper, &c., v. Martin, &e., 1 Dana? 28; Francis v. Smith, 1 Duvall, 124.) '2. The surety can not subject the property mortgaged to indemnify him until he has paid the debt or some part of it. Recovery of…
1Opinion of the Court
JUDGE PRYOR
delivered the opinion op the oohrt.
Joh.ii J. Macklin gave to the Branch of the North•ern Bank of Kentucky at Covington his note of bill, with P. Guilfoyle as indorser, for the sum of two thousand dollars. For the purpose of securing Guilfoyle as indorser of surety on the paper, and to indemnify' him as such, the appellant, Mary E. Macklin, executed to him a mortgage on a lot of *316ground that she held in her own right, situate on Holman street in Covington. The paper at its maturity was protested, or at least has never been, paid, and the liability of the indorser still exists, and…
2Cases cited1 opinion
- Kip v. Bank of New-YorkNew York Supreme Court · 1813
3Cited by10 opinions
- Westbrook v. Belton National BankTexas Supreme Court · 1904
- Herndon v. St. Louis S. F. R. Co.Supreme Court of Oklahoma · 1912
- Goff v. LaddCalifornia Supreme Court · 1911
- Taylor v. Farmers' BankCourt of Appeals of Kentucky · 1888
- Union National Bank v. RichMichigan Supreme Court · 1895
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