Cady v. Sheldon
New York Supreme Court
OH and before the 25th of May, 1842, the defendants were partners, conducting mercantile business in Albany, under the name of Gr. & S. Sheldon & Oo. On the 23d day of March, 1840, O. & L. Holcomb and A. H. Spencer made and executed to H. Farrington a bond and mortgage for $2507.41, payable, the one half in four and the other in five years from date, with interest.
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OH and before the 25th of May, 1842, the defendants were partners, conducting mercantile business in Albany, under the name of Gr. & S. Sheldon & Oo. On the 23d day of March, 1840, O. & L. Holcomb and A. H. Spencer made and executed to H. Farrington a bond and mortgage for $2507.41, payable, the one half in four and the other in five years from date, with interest. On the 13th of October, 1841, Farrington assigned the bond and mortgage to Alexander Sheldon, for the consideration of $2500; and Smith Sheldon, one of the defendants, was a witness to the assignment. In the assignment Farrington…
1Opinion of the Court
’By the Court, Hogeboom, J.
The first question to be determined is the nature and obligation of the guaranty. The defendants “guaranteed the collection” of the bond. It is therefore a guaranty that the bond is collectible; that is, capable of being collected of the parties liable or bound to pay it. A guaranty of the collection of a note is a guaranty that it is collectible by due course of law. (Cumpston v. McNair, 1 Wend. 457.) It obliges the party to whom the guaranty is given, to prosecute all the parties with due legal diligence before he can resort to' the guarantor. (Moakley v. Riggs,…
2Cases cited15 opinions
- Allen v. RightmereNew York Supreme Court · 1823
- People v. JansenNew York Supreme Court · 1811
- Cumpston v. McNairNew York Supreme Court · 1828
- Moakley v. RiggsNew York Supreme Court · 1821
- Mann v. Eckford's ExecutorsNew York Supreme Court · 1836
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3Cited by6 opinions
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- Springfield Lighting Co. v. HobartMissouri Court of Appeals · 1902
- State ex rel. Hobart v. SmithSupreme Court of Missouri · 1903
- Voorhies v. AtleeSupreme Court of Iowa · 1870
- Colby v. FarwellSupreme Court of New Hampshire · 1901
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