Grayson's Appeal
Supreme Court of Pennsylvania
Appeal from the Court of Common Pleas of Cranford County: Of January Term, 1885, No. 75. Appeal of Thomas W. Grayson, from a decree of said Court, discharging a rule to show cause why a certain judgment held by Cyrus Kitchen, president, in trust for the Meadville Savings Bank, against R. C. McMichael and the appellant, should not be opened and defendant let into a defence.
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Appeal from the Court of Common Pleas of Cranford County: Of January Term, 1885, No. 75. Appeal of Thomas W. Grayson, from a decree of said Court, discharging a rule to show cause why a certain judgment held by Cyrus Kitchen, president, in trust for the Meadville Savings Bank, against R. C. McMichael and the appellant, should not be opened and defendant let into a defence. From the depositions taken in support of the rule the following facts appeared:— On May 19th, 1883, R. C. McMichael went to the Mead-ville Savings Bank to borrow $300 for 30 days. His request was granted on condition that…
1Opinion of the CourtJustice Clark
It is contended in this case by Grayson, the appellant, that he is relieved from his liability to Kitchen, by the agreement of the latter with McMichael, to extend the time for payment of the note, upon which Grayson was the surety. The effect of such an agreement, when founded in a valid consideration, is not only to preclude the creditor from collection, but the debtor from a discharge of the debt, during the period of extension ; and, as the surety’s right of substitution in equity is by this means affected, sometimes defeated, he is rightly relieved from the debt.
*583It is well settled,…
2Cited by4 opinions
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