Gilstrap v. Smith
Supreme Court of Georgia
Equitable petition. . Before Judge Kimsey. White superior court. April téfm, 1896.' In January, 1889, M. H. Gilstrap and S. G. Martin bought from A. W. Smith a piece of land for the agreed price of $500, for which they gave notes on which J, O. Martin was security. The two first named divided the land between themselves, and Gilstrap paid to Smith $10 in money to be credited on the-notes.
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Equitable petition. . Before Judge Kimsey. White superior court. April téfm, 1896.' In January, 1889, M. H. Gilstrap and S. G. Martin bought from A. W. Smith a piece of land for the agreed price of $500, for which they gave notes on which J, O. Martin was security. The two first named divided the land between themselves, and Gilstrap paid to Smith $10 in money to be credited on the-notes. On April 25, 1890, the security on the notes died, and Blackwell became his administrator in the next August. Thereafter Smith brought suit to recover the remainder of the money due on the notes, and…
1Opinion of the CourtSimmons, C. J.
We think that the judge did not err in granting a nonsuit. J. O. Martin was surety on the notes. Blackwell, his administrator, proposed to pay Smith, the holder, $100 to be released from his obligation as surety. Smith accepted the money and released Blackwell. The principals claimed that the sum so paid should be placed as a credit on the notes. We think that the payment should not enure to the benefit of the principals. It was not made to satisfy the debt, but was designed only to secure the release of the surety. He was willing to pay that much to be released from his liability on the…
2Cases cited1 opinion
- Peer v. KeanMichigan Supreme Court · 1866
3Cited by3 opinions
- In re Kimbrough-Veasey Co.District Court, N.D. Georgia · 1923
- Feiner's Organization, Inc. v. CaffinaSupreme Court of Florida · 1955
- Spencer v. Southtrust BankCourt of Appeals of Georgia · 1993