McNeill v. Simpson

On January 1, 1923, H. K. T. Bonds, as maker, executed a promissory note to B. M. Simpson, payable one year after date., Tbe note provided for interest at tbe rate of 10 per cent, per annum from date until paid, and was indorsed by A. A. McNeill. On January 1, 1927, tbe principal of the note, and two years’ accrued interest, remained unpaid. At that time, Bonds and McNeill being unable to pay the note, Simpson orally agreed with them “to carry the note another year,” if the past-due interest was paid. This agreement between the parties was oral. McNeill further agreed orally that, if Bonds…