Fowler v. Clearwater
New York Supreme Court
THIS action was brought upon a guaranty. The first cause of action set out in the complaint, alleges that the plaintiff and defendants were copartners in the mercantile business, at Marbletown, Ulster county, prior to the first day of March, 1854, on which day the plaintiff sold out to the defendants his interest in the said store, and for a part of the purchase price, to wit, for the sum of $268.83, the defendants transferred unto the said plaintiff a note made by one David…
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THIS action was brought upon a guaranty. The first cause of action set out in the complaint, alleges that the plaintiff and defendants were copartners in the mercantile business, at Marbletown, Ulster county, prior to the first day of March, 1854, on which day the plaintiff sold out to the defendants his interest in the said store, and for a part of the purchase price, to wit, for the sum of $268.83, the defendants transferred unto the said plaintiff a note made by one David Bevier, for that sum, payable with interest six months from date, and dated the 22d day of December, 1853. That upon…
1Opinion of the CourtGould, J.
This case seems, clearly within the decisions which hold that where a guaranty is made for the purpose of paying the party’s own debt, it is not a collateral but an original undertaking, and so, good without expressing the consideration. (Cardell v. McNiel, 21 N. Y. Rep. 336. Brown v. Curtiss, 2 id. 225.) If this be so, it is plain that for so much of the price of his interest in the partnership, the taking of this note operated as a giving of credit, to its maturity. (Van Eps v. Dillaye, 6 Barb. 252.) And the statute of limitations is no bar.
The failure to return the note is a new point, not…
2Cases cited2 opinions
- Cardell v. . McNielNew York Court of Appeals · 1860
- Van Eps v. DillayeNew York Supreme Court · 1849
3Cited by8 opinions
- Milks v. . RichNew York Court of Appeals · 1880
- Voris v. Star City Building & Loan Ass'nIndiana Court of Appeals · 1898
- Eagle Mowing & Reaping Machine Co. v. ShattuckWisconsin Supreme Court · 1881
- Jones v. NewtonNew York Supreme Court · 1894
- State Bank v. People's Nat. BankNew York Supreme Court · 1909
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