Griffin v. Long
Supreme Court of Arkansas
Appeal from Pulaski Circuit Court, Second Division; P. Guy Pulk, Judge; “The liability of the principal to indemnify his surety is a debt contracted within the meaning of the statute, and arises at the time when the surety signs the note,” etc. 10 Cyc. 858. A surety may secure the same debt several times in succession when it is renewed by the debtor, but it is not his debt nor his renewal, and each time he secures it he enters into a new contract with his principal.
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Appeal from Pulaski Circuit Court, Second Division; P. Guy Pulk, Judge; “The liability of the principal to indemnify his surety is a debt contracted within the meaning of the statute, and arises at the time when the surety signs the note,” etc. 10 Cyc. 858. A surety may secure the same debt several times in succession when it is renewed by the debtor, but it is not his debt nor his renewal, and each time he secures it he enters into a new contract with his principal. Where an indebtedness has been extended from time to time 'by the execution of several renewal notes, the date of the…
1Opinion of the CourtFraufnthar, J.
This was an action instituted by a creditor of a domestic corporation to recover judgment against its president and secretary for his debt which he alleged was contracted during the period when the president and secretary neglected -to 'file the annual statement showing the condition of said corporation. In his complaint the plaintiff alleged that the Argenta Wholesale Cigar & Tobacco Company was duly organized as a corporation under the laws of the State of Arkansas on September 12, 1907, and that on December 17, 1907, the appellant and others as sureties for said corporation executed a note…
2Cases cited10 opinions
- Steam-Engine Co. v. HubbardSupreme Court of the United States · 1879
- Byers v. Franklin Coal Co.Massachusetts Supreme Judicial Court · 1870
- Henry v. ConleySupreme Court of Arkansas · 1886
- Horne v. GreenMississippi Supreme Court · 1876
- Northern Pac. Ry. Co. v. ClarkeCourt of Appeals for the Ninth Circuit · 1901
5 more not listed; retrieve them via the Exa API.
3Cited by26 opinions
- Schwab v. Schlumberger Well Surveying Corp.Texas Supreme Court · 1946
- Imel v. CommissionerUnited States Tax Court · 1973
- United States Fidelity & Guaranty Co. v. Centropolis Bank of Kansas City, Mo.Court of Appeals for the Eighth Circuit · 1927
- State Bank v. Mutual Telephone Co.Supreme Court of Minnesota · 1913
- McDonald v. MuellerSupreme Court of Arkansas · 1916
21 more not listed; retrieve them via the Exa API.