Wilson v. Ralph
Supreme Court of Iowa
Appeal from the Linn District Court. The appellants, Ralph and Yan Shaick, executed their promissory note to Wilson and Neely, for the sum of $220; who assigned the same to the plaintiff. The note not being paid at maturity, Wilson brought suit upon it against the makers and indorsers. The note was payable to Ralph and Yan Shaick, without words of negotiability.
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Appeal from the Linn District Court. The appellants, Ralph and Yan Shaick, executed their promissory note to Wilson and Neely, for the sum of $220; who assigned the same to the plaintiff. The note not being paid at maturity, Wilson brought suit upon it against the makers and indorsers. The note was payable to Ralph and Yan Shaick, without words of negotiability. The petition does not allege any demand by the plaintiff, upon the makers of the note, nor any notice to assignors of its non-payment. The defendants, Wilson and Neely, demurred to-the petition, and allege as ground of demurrer, that…
1Opinion of the CourtStockton, J.
The only question raised by the defendants in this cause is, whether the indorser of a promissory note not negotiable, is liable to a suit by the holder, without demand upon the makers, and notice' of the non-payment ?
The same question has been decided in New York, by the Supreme Court of that state, in the case of Seymour v. Van Slick, 8 Wendell, 421. It was there held, that the indorsement is equivalent to the making of a new note; it is a guaranty that the note will be paid; it is a direct and positive undertaking on the part of the indorsers, to pay the note to the indorsee; and not a…
2Cases cited1 opinion
- Seymour & Bouck v. Van SlyckNew York Supreme Court · 1832
3Cited by7 opinions
- Billingham v. BryanSupreme Court of Iowa · 1860
- Huse v. HamblinSupreme Court of Iowa · 1870
- Johnson v. . LassiterSupreme Court of North Carolina · 1911
- Park v. BestSupreme Court of Iowa · 1916
- Peck v. FrinkSupreme Court of Iowa · 1859
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