Taylor v. Allen
New York Supreme Court
THIS action was commenced against the defendant as indorser of a promissory note for $2060, made by Parmelee & Watts, of Des Moines, Iowa, dated November 11, 1857, payable four months after date, to the order of the defendant, and indorsed by him.
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THIS action was commenced against the defendant as indorser of a promissory note for $2060, made by Parmelee & Watts, of Des Moines, Iowa, dated November 11, 1857, payable four months after date, to the order of the defendant, and indorsed by him. The answer avers that the plaintiff, by agreement with the makers of the note, without the consent of the defendant, extended the time of payment of the note in suit, by taking a new acceptance of the makers for the amount of the old note, interest and charges, dated June 15, 1858, payable sixty days after date. The issue thus joined was tried…
1Opinion of the Court
By the Gourt,
Leonard, J.
The receipt of a bill or note having time to run, from the party primarily liable on a bill or note then overdue, does not operate to discharge an indorser on the bill or note so overdue, unless there is an agreement express or implied that the new bill or draft is in payment of the former, or extending the time of payment in favor of some party who is liable thereon prior to such indorser.
Where it has been expressly agreed that the new note was received as collateral security to the note overdue, the right *298of immediate action on the note so overdue is not suspended,…
2Cases cited3 opinions
- Fellows v. PrentissCourt for the Trial of Impeachments and Correction of Errors · 1846
- Hart v. HudsonThe Superior Court of New York City · 1857
- Huffman v. HulbertNew York Supreme Court · 1835
3Cited by8 opinions
- National Park Bank v. . KoehlerNew York Court of Appeals · 1912
- Dorlon v. ChristieNew York Supreme Court · 1862
- Fox v. ParkerNew York Supreme Court · 1865
- London Leasing Corp. v. Interfina, Inc.New York Supreme Court · 1967
- Eisner v. KellerNew York Court of Common Pleas · 1871
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