Agee v. Steele
Supreme Court of Alabama
Error to the Circuit Court of Monroe. Assumpsit on a promissory note for $200 made by one John Peebles and the plaintiff in error. From a bill of exceptions, it appeared in evidence that Peebles was the principal, and Agee the surety in the note sued on.
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Error to the Circuit Court of Monroe. Assumpsit on a promissory note for $200 made by one John Peebles and the plaintiff in error. From a bill of exceptions, it appeared in evidence that Peebles was the principal, and Agee the surety in the note sued on. That in May, 1840, certain real property belonging to Peebles, was about being sold by the sheriff under execution, and a verbal agreement was entered into, between him and Steele, that the latter should bid off the land, subject to an agreement to be thereafter entered into between the parties, which he accordingly did, at $750, and took the…
1Opinion of the CourtOrmond, J.
A contract between the creditor and the principal debtor, which prolongs the time of payment of the debt, without the consent of the surety, absolves him from liability for the debt. A contract to produce this result, must be one which is obligatory on, and may be enforced by the parties to it, and the single question is, what is the nature of the contract relied on in this case, for the discharge of the surety.
The verbal agreement about the purchase of the land, was clearly invalid under the statute of frauds, and was so admitted to be in the argument, and the written contract is equally…
2Cited by7 opinions
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