Young v. Brown
Wisconsin Supreme Court
APPEAL from the Circuit Court for Winnebago County. Action to recover of the defendant, as guarantor, a balance due the plaintiffs on an account for goods sold by them to Ferdinand Eaas.
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APPEAL from the Circuit Court for Winnebago County. Action to recover of the defendant, as guarantor, a balance due the plaintiffs on an account for goods sold by them to Ferdinand Eaas. The complaint alleges that the goods were sold and delivered solely on the faith and credit of a letter of credit theretofore made and delivered to the plaintiffs by the defendant, which letter is as follows: “Ueenah, "Wis., April 16, 1878. “ I, the undersigned, hereby guaranty payment for all goods Ferdinand Eaas, of Keen ah, and Henry Eaas, of Menasha,-"Wisconsin, may buy from B. Young <& Son, wholesale…
1Opinion of the CourtLyon, J.
The letter of credit upon which the action is founded, is a special promise to answer for the debt of another, and, unless it expresses the consideration therefor, is void. R. S., 654, sec. 2307. It is not necessary that the consideration be precisely and formally expressed. In Day v. Elmore, 4 Wis., 190, the use of the very indefinite formula, “ for value received,” was held sufficient. All that the statute requires is, that the consideration shall appear by necessary implication from the terms of the written instrument. See Brandt on Suretyship, 93, and cases cited in note 1 to section 70.…
2Cases cited4 opinions
- Day v. ElmoreWisconsin Supreme Court · 1856
- Eastman v. BennettWisconsin Supreme Court · 1858
- Rogers & Lambert v. Warner & BostwickNew York Supreme Court · 1811
- Parry v. SpikesWisconsin Supreme Court · 1880
3Cited by10 opinions
- Drovers' Deposit National Bank v. TichenorWisconsin Supreme Court · 1914
- International Textbook Co. v. MabbottWisconsin Supreme Court · 1915
- Miami County National Bank v. GoldbergWisconsin Supreme Court · 1907
- Electric Storage Battery Co. v. BlackWisconsin Supreme Court · 1965
- Jansen v. KuenzieWisconsin Supreme Court · 1911
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