Cottrell v. New London Furniture Co.
Wisconsin Supreme Court
Appeals from judgments of the circuit court for Waupaca county: Chas. M. Webb, Circuit Judge. These are appeals from two judgments in an action to foreclose a mortgage. The New London Furniture Company made its two several promissory notes to the plaintiffs’ decedent for the aggregate sum of $4,500,'with interest, and secured the same by a mortgage upon its real estate.
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Appeals from judgments of the circuit court for Waupaca county: Chas. M. Webb, Circuit Judge. These are appeals from two judgments in an action to foreclose a mortgage. The New London Furniture Company made its two several promissory notes to the plaintiffs’ decedent for the aggregate sum of $4,500,'with interest, and secured the same by a mortgage upon its real estate. The other defendants signed an agreement, which was indorsed upon the back of each note, whereby they did guarantee the collection of the within note, with all costs thereof.” The mortgage was foreclosed. The guarantors were…
1Opinion of the CourtNewman, J.
The question presented by these appeals is the one question — whether the complaint states a cause of action against the guarantors, such as authorized a personal judgment to be rendered against them in the foreclosure action. It is no doubt settled beyond controversy that a, guarantor of the collection of a note or debt does not become liable on his contract of guaranty until the guarantee has exhausted all the remedies which the law gives him for the collection of his debt from the principal debtor without-avail. This means the prosecution of a suit against such principal debtor to judgment…
2Cases cited4 opinions
- Day v. ElmoreWisconsin Supreme Court · 1856
- Dyer v. GibsonWisconsin Supreme Court · 1863
- Borden v. GilbertWisconsin Supreme Court · 1861
- French v. MarshWisconsin Supreme Court · 1872
3Cited by10 opinions
- Bank Mutual v. S.J. Boyer Construction, Inc.Wisconsin Supreme Court · 2010
- Pierce v. MerrillCalifornia Supreme Court · 1900
- Bergmann v. RollWisconsin Supreme Court · 1928
- Titus v. WoodsCalifornia Court of Appeal · 1920
- Bank Mutual v. S.J. Boyer Construction, Inc.Court of Appeals of Wisconsin · 2008
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