Arlington National Bank v. Bennett
Massachusetts Supreme Judicial Court
Two actions of contract, the declarations in which contained counts alleging that the defendants Bennett and Bourget were liable as indorsers of five promissory notes of a corporation, the Bennett-Bourget Company, and also counts alleging, as to each note, that, before its maturity, the corporation made an assignment for the benefit of its creditors and the defendants promised the plaintiff that if the plaintiff would assent to such assignment and would not hold the…
Read the full summary
Two actions of contract, the declarations in which contained counts alleging that the defendants Bennett and Bourget were liable as indorsers of five promissory notes of a corporation, the Bennett-Bourget Company, and also counts alleging, as to each note, that, before its maturity, the corporation made an assignment for the benefit of its creditors and the defendants promised the plaintiff that if the plaintiff would assent to such assignment and would not hold the defendants responsible for the entire amount of the note, the defendants would pay to the plaintiff such balance as would be due…
1Opinion of the CourtBraley, J.
The plaintiff being the payee and holder, the defendants unless discharged are severally liable as indorsers for the amount remaining due on each of the promissory notes in suit. R. L. c. 73, § 80; c. 173, § 3. But as the maker after maturity has been released by an instrument under seal, wherein no rights were reserved against them, they contend under R. L. c. 73, *355§ 137, which provides that “a person secondarily liable on the instrument is discharged ... by a release of the principal debtor, unless the holder’s right of recourse against the party secondarily liable is expressly reserved,”…
2Cases cited13 opinions
- Vanderford v. Farmers' & Mechanics' National BankCourt of Appeals of Maryland · 1907
- West v. PlattMassachusetts Supreme Judicial Court · 1879
- Chester v. . the Bank of KingstonNew York Court of Appeals · 1857
- Hedger v. RennakerCourt of Appeals of Kentucky · 1860
- Hunt v. BrownMassachusetts Supreme Judicial Court · 1888
8 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Radovsky v. WexlerMassachusetts Supreme Judicial Court · 1930
- Shumway v. Home Fire & Marine Insurance Co. of CaliforniaMassachusetts Supreme Judicial Court · 1938
- Conners Bros. v. SullivanMassachusetts Supreme Judicial Court · 1915
- United States v. KrochmalDistrict Court, D. Maryland · 1970
- Howard National Bank & Trust Co. v. NewmanSupreme Court of Vermont · 1947
2 more not listed; retrieve them via the Exa API.