Schroeppel v. Shaw
New York Supreme Court
In Equity. The bill in this cause stated that on the 4th day of April, 1837, the plaintiff and Charles A. Baker, Theodore Wood and Gardner Lawrence made their promissory note for $2000, payable one year from date with interest, to Daniel J. Shaw, the defendant, or bearer, and on the 24th of the same month delivered the same to the payee; the plaintiff signing the same “ as security” for the other makers.
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In Equity. The bill in this cause stated that on the 4th day of April, 1837, the plaintiff and Charles A. Baker, Theodore Wood and Gardner Lawrence made their promissory note for $2000, payable one year from date with interest, to Daniel J. Shaw, the defendant, or bearer, and on the 24th of the same month delivered the same to the payee; the plaintiff signing the same “ as security” for the other makers. That on the 30th of May, 1836, Joseph I. Bradley and William Jackson gave to Charles A. Baker their bond conditioned for the payment of $3000 in five equal annual instalments with annual…
1Opinion of the Court
By the Court, Allen, J.
It is well settled that the plaintiff could not have successfully defended the suit at law mentioned in the pleadings, upon the grounds relied upon for relief in this action. A dealing by the creditor with the principal in respect of a second or collateral security, will not at law discharge the surety from the payment of the principal debt, although he might have been discharged had the creditor dealt with the principal in the same manner with respect to the original security. (Pitman’s Pr. & Surety, 203. Twopenny v. Young, 3 Barn. & Cress. 208. Taggard v. Curtenius,…
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