Avery & Co. v. Middlebrooks

E. E. Middlebrooks and J. M. Middlebrooks gave to Avery & Company a promissory note for the purchase-price of certain machinery. It was stipulated in the note, that the title should not pass until payment of the purchase-money; and that, on failure to pay at maturity, the seller might take possession of and sell the property, apply the proceeds to the payment of the debt, and pay over the balance, if any, to the purchaser. The instrument then proceeded: “And further, we, makers and endorsers, hereby guarantee [the sellers] against any damage to the said machinery by fire whilst in the…