Union Trust Co. v. McGinty
Massachusetts Supreme Judicial Court
Contract on a promissory note for $250 dated October 13, 1902, signed by the defendant as maker, payable two months after date to one James J. McCluskey, indorsed by McCluskey and discounted by the plaintiff at his request.
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Contract on a promissory note for $250 dated October 13, 1902, signed by the defendant as maker, payable two months after date to one James J. McCluskey, indorsed by McCluskey and discounted by the plaintiff at his request. Writ in the Municipal Court of the City of Boston dated October 6,1908. On appeal to the Superior Court the case was tried before Bell, J. There was evidence that the note was made by the defendant solely for McCluskey’s accommodation, that at the maturity of the note on December 13, 1902, the. plaintiff received from McCluskey a payment of $10 as interest to February 13,…
1Opinion of the CourtRugg, C. J.
The single question presented in this case is whether the accommodation maker of a promissory note is discharged, if the holder, knowing that the note was made for the accommodation of the payee and indorser, by agreement with the indorser upon a valuable consideration, without the maker’s consent, extends the time of payment.
Before the enactment of the negotiable instruments act (St. 1898, c. 533, R. L. c. 73, §§ 18-212) one who made a promissory note for the accommodation of another was as between the parties a surety. The holder, who had knowledge of the true relation of the parties, was…
2Cases cited9 opinions
- Guild v. ButlerMassachusetts Supreme Judicial Court · 1879
- Vanderford v. Farmers' & Mechanics' National BankCourt of Appeals of Maryland · 1907
- National Citizens' Bank v. . ToplitzNew York Court of Appeals · 1904
- Cellers v. MeachemOregon Supreme Court · 1907
- Bradley Engineering & Manufacturing Co. v. HeyburnWashington Supreme Court · 1910
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3Cited by81 opinions
- Hoffman v. PalmerCourt of Appeals for the Second Circuit · 1942
- Oklahoma County v. Queen City Lodge No. 197, I. O. O. F.Supreme Court of Oklahoma · 1945
- Liberty Trust Co. v. TiltonMassachusetts Supreme Judicial Court · 1914
- Payne v. City of CovingtonCourt of Appeals of Kentucky (pre-1976) · 1938
- Brinker v. First Nat. Bank of ClevelandTexas Commission of Appeals · 1931
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