Public Fire Insurance v. Weatherly

The complaint alleges two causes of action, each upon a written guaranty. The bill of exceptions discloses an admission by'plaintiff at the trial that $4,000 belonging to defendant had come into plaintiff’s possession and had been applied in part upon each of the guaranties upon which the complaint is based and also upon a third guaranty not mentioned in said complaint.

The bill of exceptions also shows that at the trial it was stipulated that if any of said alleged guaranties were not legally binding on the defendant, the credit or credits so applied to any such guaranty would and should be…