Tinker & Webb v. McCauley

By the Court,

Douglass, J.

The liability of the defendant depends upon whether the guaranty is negotiable.

Courts have sometimes evaded the real difficulties in the way of maintaining the negotiability of such contracts, by holding that a guaranty of payment endorsed on the back of a negotiable note, at the time it was made, rendered the guarantor liable to the payee, and to every subsequent bona fide holder, as a joint and several maker of the note. This was the doctrine of Hough vs. Gray, 19 Wend. 202; Ketch-*192ell vs. Burns, 24 Wend. 456; Luqueer vs. Prosser, 1 Hill, 256; Prosser vs. Luqueer, 4…