Irick v. Black
New Jersey Court of Chancery
The bill alleges that the complainant and one John Black, jun., on the 17th of March, 1855, gave their joint bond to Beulah Merritt and Keziah Merritt, in the penal sum of $6000, conditioned for the-payment of $3000 in one year, \vith interest.
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The bill alleges that the complainant and one John Black, jun., on the 17th of March, 1855, gave their joint bond to Beulah Merritt and Keziah Merritt, in the penal sum of $6000, conditioned for the-payment of $3000 in one year, \vith interest. That the bond was given to secure the re-payment of a loan made by the obligees to the said John Black, jun., by his procnreruent, and for his individual account, the complainant having joined iiq giving the^said bond as Surety, at the solicitation of Black. The interest accruing upon the bond -was paid by Black from time to time, until the seventeenth…
1Opinion of the Court
The Chancellor.
The right of a surety, as against his principal, to bo protected from loss by reason of his snretiship, so far as it can be done without prejudice to the rights of the creditor, is a recognized and familiar doctrine of equity. When the surety has paid the debt, he may not only call upon the principal to re-imburse him, but for the purpose of obtaining indemnity from the principal, he is at once subrogated to all the rights, remedies, and securities of the creditor. Nor is his remedy confined, as at law, to the obtaining indemnity after the payment of the debt. But as soon as…
2Cases cited1 opinion
- Orr v. LittlefieldU.S. Circuit Court for the District of New Hampshire · 1845
3Cited by4 opinions
- Schmid v. First Camden National Bank, C., Co.New Jersey Superior Court Appellate Division · 1941
- Stulz-Sickles Co. v. Fredburn Constr. Corp.New Jersey Court of Chancery · 1933
- Greenberg v. LeffNew Jersey Court of Chancery · 1929
- Atlantic Seaboard Co. v. Borough of Seaside ParkNew Jersey Superior Court Appellate Division · 1955