American Exchange Bank v. Lake Motor Co.

Stevens, J.(1) Appellants contend that they are not liable to contribute their share of the amount paid to the plaintiff bank because Henry A. Schmitz has made no effort to collect the amount of the judgment from the Lake Motor Company. It appears that the motor company has some property in the form of dies and material which has value if it can be used in the manufacture of motors. But this property is of very doubtful value unless used for that purpose, and it is problematical whether such use will be made of this property.

The right to contribution arises when one jointly liable has paid…