Bailey v. Baldwin
New York Supreme Court
This was an action of assumpsit, tried at the New-York circuit in June, 1829, before the Hon. Ogden Edwards, one o f the circuit judges. The suit was against the defendant as the endorser of a promissory note given by one L. Badger for $646,82, dated the 1st August, 1827, payable four months after date. The necessary steps were taken to charge the defendant as endorser.
Read the full summary
This was an action of assumpsit, tried at the New-York circuit in June, 1829, before the Hon. Ogden Edwards, one o f the circuit judges. The suit was against the defendant as the endorser of a promissory note given by one L. Badger for $646,82, dated the 1st August, 1827, payable four months after date. The necessary steps were taken to charge the defendant as endorser. The defendant, on his part, gave in evidence an instrument signed by the plaintiffs, bearing date the 16th January, 1828, in which they acknowledged to have received from one F. A. Stuart his note dated the 31st December,…
1Opinion of the Court
By the Court,
Nelson, J.
If the holder of a note "over due by a valid agreement with the maker, gives time for the payment, this is an interferance with the rights of the endorser by increasing his hazard, and as a just consequence, operates to discharge him. Mr. Chitty says, “The holder must not so agree to give time to the acceptor so as to preclude himself from suing him: and thereby suspend his remedy in prejudice of the drawer or endorser. ” Chitty on bills, 372. The above principle cannot be applied to the agreement in this case for the rights of the endorser are therein specifically…
2Cited by2 opinions
- Huffman v. HulbertNew York Supreme Court · 1835
- Prout v. Branch Bank at DecaturSupreme Court of Alabama · 1844