Tripp v. . Harris
Supreme Court of North Carolina
Appeai, by defendant from Ward, J., at September Term, 1910, of Pitt. On 21 January, 1909, tbe defendant, wbo was then a tenant of the plaintiff, purchased a horse of J. R. Harvey & Co., at the price of $130, and executed his note therefor, to which the plaintiff was surety.
Read the full summary
Appeai, by defendant from Ward, J., at September Term, 1910, of Pitt. On 21 January, 1909, tbe defendant, wbo was then a tenant of the plaintiff, purchased a horse of J. R. Harvey & Co., at the price of $130, and executed his note therefor, to which the plaintiff was surety. On the same day the defendant executed to the said Harvey & Co. a chattel mortgage to secure said note, by which he conveyed said horse, an iron-axle cart, and the crops to be raised by him in 1909. The plaintiff joined in said mortgage. The defendant failed to pay said note when it became due, and thereafter the…
1Opinion of the Court
Allen, J.,
after stating tbe case: Counsel for defendant has cited a large number of cases from our Reports, bolding that a payment by tbe surety, without taking an assignment to a trustee, extinguishes tbe debt, but these cases will be found to belong to one of two classes.
In one class are judgments against principal and surety, and notes and bonds executed by both. In such case, payment by tbe surety without an assignment to a trastee is held to be a satisfaction of the evidence of tbe indebtedness as it then existed, and tbe surety becomes a simple contract creditor of bis principal.
In tbe…
2Cases cited4 opinions
- Liles v. . RogersSupreme Court of North Carolina · 1893
- Lewis v. . PalmerNew York Court of Appeals · 1863
- Torp v. GulsethSupreme Court of Minnesota · 1887
- Hanner v. . DouglassSupreme Court of North Carolina · 1858
3Cited by10 opinions
- Hoft v. . MohnSupreme Court of North Carolina · 1939
- Bradley v. BentleySupreme Court of Alabama · 1935
- Fowle v. . McLeanSupreme Court of North Carolina · 1915
- Branch Banking & Trust Co. v. BoykinSupreme Court of North Carolina · 1926
- Bank v. . BankSupreme Court of North Carolina · 1911
5 more not listed; retrieve them via the Exa API.