Hagey v. Hill
Supreme Court of Pennsylvania
Error to the District Court of Philadelphia: No. 216, to January Term 1872. This was an action of assumpsit, brought, November 26th 1870, by George W. Hill against John Hagey as endorser of the following note: “ $10,000. Philadelphia, November 4th 1867. “ Eight months after date we promise to pay to order of John Hagey, Ten Thousand Dollars, without defalcation, for value re-received. E. Matlack & Son.” (Endorsed) “John Hagey.”
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Error to the District Court of Philadelphia: No. 216, to January Term 1872. This was an action of assumpsit, brought, November 26th 1870, by George W. Hill against John Hagey as endorser of the following note: “ $10,000. Philadelphia, November 4th 1867. “ Eight months after date we promise to pay to order of John Hagey, Ten Thousand Dollars, without defalcation, for value re-received. E. Matlack & Son.” (Endorsed) “John Hagey.” On the trial, October 26th 1871, before Hare, P. J., the plaintiff gave the note in evidence and rested. The defendant then gave in evidence this receipt:— “Received,…
1Opinion of the Court
The opinion of the court was delivered, February 19th 1874, by
Mercur, J.
This suit was against the endorser of a promissory note. The first assignment of error raises the question as to whether he was discharged by reason of an agreement between the holder and the maker, after the note became due, extending the time of payment. It is a well-recognised rule that an extension of time by a valid agreement between the creditor and the principal, will, as a general rule, discharge the endorser. The reasons therefor are these: The liability of the endorser to the holder is secondary and contingent.…
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