Merchant's National Bank v. Murphy

On July 29, 1898, the defendants E. P. Murphy, W. T. Murphy, and B. F. Derr made and delivered to the plaintiff bank a promissory note for $1,000, payable February 1, 1899. So far as the form of the note and the manner of its execution are concerned, there is nothing to indicate that all were not principal debtors. The note contained a clause reading as follows: “ It is agreed that the signers to this note, whether sureties in fact or not, shall all be regarded as principals as between them and the holder thereof.” This action was begun at law for a recovery upon said note March 8, 1902.…