Stockton Sav. & Loan Soc'y v. Hildreth
California Supreme Court
Appeal from the District Court of the Fifth Judicial District, San Joaquin County. Action upon a contract—the facts being thus: In May, 1875, E. J. Hildreth and William Helm made their joint and several promissory note to the plaintiff, a banking corporation, for five thousand dollars, payable one day after date. In February, 1876, Hildreth, upon his own petition, was adjudged a bankrupt under the laws of the United States, and his estate passed to an assignee.
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Appeal from the District Court of the Fifth Judicial District, San Joaquin County. Action upon a contract—the facts being thus: In May, 1875, E. J. Hildreth and William Helm made their joint and several promissory note to the plaintiff, a banking corporation, for five thousand dollars, payable one day after date. In February, 1876, Hildreth, upon his own petition, was adjudged a bankrupt under the laws of the United States, and his estate passed to an assignee. While the proceedings were pending, the defendant, a brother of the bankrupt, agreed with the creditors that if they would release…
1Opinion of the Court
By the Court :
The consideration for the promise of the defendant was the release of his brother, E. J. Hildreth, from his liability upon his promissory note, made by him jointly with one William Helm to the plaintiff; and by the terms of the agreement the plaintiff agreed that, with the consent of Helm, upon receiving fifty cents upon the dollar of the note, it would release E. J. Hildreth from all liability upon the note. The payment by the defendant and the release by the plaintiff are concurrent conditions, and are to be performed at the same time. (Civil Code, sec. 1437.) Without…
2Cited by1 opinion
- Hanson v. SlavenCalifornia Supreme Court · 1893