Jenkins v. . Wilkinson
Supreme Court of North Carolina
This wras a civil action, fried by Brown, J., at the Fall Term, 1890, of Gaston Superior Court. The complaint alleged that the defendant T. A. H. Wilkinson was indebted to him as cashier, and gave his promissory note, of which the following is a copy: “$800. Gastonia, N. C., Jan. 5th, 1888. Ninety days after date, I promise to pay to the order of T. T. Jenkins, cashier, eight hundred dollars, negotiable, and payable at the office of Craig & Jenkins, bankers, value received,…
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This wras a civil action, fried by Brown, J., at the Fall Term, 1890, of Gaston Superior Court. The complaint alleged that the defendant T. A. H. Wilkinson was indebted to him as cashier, and gave his promissory note, of which the following is a copy: “$800. Gastonia, N. C., Jan. 5th, 1888. Ninety days after date, I promise to pay to the order of T. T. Jenkins, cashier, eight hundred dollars, negotiable, and payable at the office of Craig & Jenkins, bankers, value received, with interest at the rate of eight per cent, per annum after maturity. Due April 4th, 1888. T. A. H. WILKINSON.”…
1Opinion of the Court
Shepherd, J.:
There is a plain distinction between a guaranty of payment and a guaranty of collection. “ The former is an absolute promise to pay the debt at maturity, if not paid by the principal debtor, and the guarantee may begin an action against the guarantor. The latter is a promise to pay the debt upon the condition that the guarantee shall diligently prosecute the principal debtor without success.” Jones v. Ashford, 79 N. C , 173; Baylie’s Sureties and Guarantors, 113.
This case belongs to the former of these classes, and the plaintiff having complied with the terms imposed upon him by…
2Cited by16 opinions
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- State Ex Rel. Greene County v. National BankSupreme Court of North Carolina · 1927
- Cowan v. . RobertsSupreme Court of North Carolina · 1904
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