First National Bank v. Davis
Missouri Court of Appeals
Appeal from Nodaway Circuit Court. — Hon. Gallatin Graig, Judge. (1) It is a well adjudicated rule of law that security taken by a surety on a note to indemnify himself from loss, is released when the surety is discharged from liability thereon; for the trust deed being given to "protect the surety from loss, and as the protection has been obtained by his. discharge, the conditions of the mortgage or trust deed are fulfilled.
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Appeal from Nodaway Circuit Court. — Hon. Gallatin Graig, Judge. (1) It is a well adjudicated rule of law that security taken by a surety on a note to indemnify himself from loss, is released when the surety is discharged from liability thereon; for the trust deed being given to "protect the surety from loss, and as the protection has been obtained by his. discharge, the conditions of the mortgage or trust deed are fulfilled. Sheldon on Subrogation (2 Ed.), secs. 139, 158; Citing Sumner v. Bachelder, 30 Me. 35; Logan v. Mitchell, 67 Mo. 524; Newsam v. Finch, 25 Barb. (N. Y.) 175; Yalverton v.…
1Opinion of the CourtSmith, P. J.
Defendants, John Davis as principal and Patrick Davis as surety, executed their promissory note to the plaintiff bank for $1,152, due twelve months after date. And contemporaneously with the execution of said note, the defendant John Davis, executed to his co-defendant and surety Patrick Davis, a deed of trust on his land to secure the latter “against any loss he may sustain by reason of his said surety-ship.” The value of the security so given was in excess of the amount of the debt. When the debt fell due, neither of the defendants were in condition to pay it. The time for payment was…
2Cases cited8 opinions
- Hampton v. PhippsSupreme Court of the United States · 1883
- McDougall v. WallingWashington Supreme Court · 1899
- Moore v. PaineNew York Supreme Court · 1834
- McCollum v. HinckleySupreme Court of Vermont · 1837
- Chilton v. Robbins, Paynter & Co.Supreme Court of Alabama · 1842
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3Cited by1 opinion
- State v. BergfeldMissouri Court of Appeals · 1904