Chemical Co. v. Pegram
Supreme Court of North Carolina
Civil actiox, heard at July (special) Term, 1892, of Fok-syth Superior Court, on the report of referees and exceptions thereto. The action was brought by the Chemical Company of Canton against their agent, T. H. Pegram, Jr., to recover an alleged balance due by him for fertilizers sold, amounting to $4,140, and against L. W. Pegram and T. PI.
Read the full summary
Civil actiox, heard at July (special) Term, 1892, of Fok-syth Superior Court, on the report of referees and exceptions thereto. The action was brought by the Chemical Company of Canton against their agent, T. H. Pegram, Jr., to recover an alleged balance due by him for fertilizers sold, amounting to $4,140, and against L. W. Pegram and T. PI. Pegram, Sr., to recover the. penalty ($3,000) of a bond executed by them as sureties for Pegram, Jr. The bond was as follows: “ Know all men by these presents, that we, T. PI. Pegram, Jr., L. W. Pegram and T. PI. Pegram, Sr., of said county and State,…
1Opinion of the Court
Bukwell, J.:
It was said by Chief Justice Sjiith in Forbes v. Sheppard, 98 N. C., 111, that “The effect of a contract for forbearance to sue for a fixed and limited period, founded on a sufficient consideration with the principal, without reserving the right to proceed against the surety and made without his assent, is too well settled to need further discussion.” An examination of the record in this case shows that every element necessary to constitute this defence for the defendant sureties concurs here. They undertook that their principal would faithfully per*621form his contracts with the…
2Cases cited2 opinions
- Harper v. . Dail Bro.Supreme Court of North Carolina · 1885
- Forbes v. . SheppardSupreme Court of North Carolina · 1887
3Cited by5 opinions
- Sutton v. . WaltersSupreme Court of North Carolina · 1896
- National Bank of Asheville v. SumnerSupreme Court of North Carolina · 1896
- Revell v. Thrash.Supreme Court of North Carolina · 1903
- Walters v. . RogersSupreme Court of North Carolina · 1930
- Rea Construction Co. v. Ervin Co.Court of Appeals of North Carolina · 1977