Colby v. Farwell
Supreme Court of New Hampshire
Assumpsit, to recover upon a contract of guaranty. Trial by jury and verdict for the plaintiff. Transferred from the May term, 1901, of the superior court by Peaslee, J. The plaintiff’s decedent owned a promissory note secured by a second mortgage of real estate in Minnesota, and indorsed as follows: “In consideration of one per cent per annum, I hereby guarantee the final collection of the within note and coupons attached. George N. Farwell.”
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Assumpsit, to recover upon a contract of guaranty. Trial by jury and verdict for the plaintiff. Transferred from the May term, 1901, of the superior court by Peaslee, J. The plaintiff’s decedent owned a promissory note secured by a second mortgage of real estate in Minnesota, and indorsed as follows: “In consideration of one per cent per annum, I hereby guarantee the final collection of the within note and coupons attached. George N. Farwell.” The real estate was found by the jury not to be of sufficient value to satisfy the first mortgage claim, and it was admitted that nothing could be…
1Opinion of the CourtBlodgett, C. J.
Tbe verdict of tbe jury closes tbe question as to tbe availability to tbe plaintiff of tbe mortgage security; and tbe utter insolvency of tbe maker of tbe guaranteed note being admitted, tbe sole question raised by tbe case is whether tbe plaintiff was bound to first proceed against tbe maker and tbe security as a condition precedent tó tbe enforcement of tbe guarantor’s liability. We are of opinion that be was not.
• Tbe guaranty sought to be enforced was one of collection, and as such it constituted an undertaking on tbe part of tbe guarantor to pay tbe mortgage debt if, upon maturity,…
2Cases cited15 opinions
- Camden v. DoremusSupreme Court of the United States · 1845
- Craig v. . ParkisNew York Court of Appeals · 1869
- Salt Springs National Bank v. SloanNew York Court of Appeals · 1892
- Jones v. . AshfordSupreme Court of North Carolina · 1878
- M'Doal v. YeomansSupreme Court of Pennsylvania · 1839
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3Cited by1 opinion
- Smith v. ShowNorth Dakota Supreme Court · 1907