Tidioute Savings Bank v. Libbey
Wisconsin Supreme Court
Appeals from judgments of the circuit court for Winnebago county: Geo. W. Buenell, Circuit Judge. In the month of February, 1895, and for a long time prior thereto, the firm of W. T. Bickards & Co. was engaged in the business of banking, and the purchase and salé of commercial paper and securities, at Chicago, Illinois.
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Appeals from judgments of the circuit court for Winnebago county: Geo. W. Buenell, Circuit Judge. In the month of February, 1895, and for a long time prior thereto, the firm of W. T. Bickards & Co. was engaged in the business of banking, and the purchase and salé of commercial paper and securities, at Chicago, Illinois. On February 25, 1895, the defendants executed and delivered to said firm a written guaranty of the following tenor: “ For and in consideration of the sum of one dollar to each of us in hand paid, and in consideration of the granting of credit and discount by W. T. Bickards &…
1Opinion of the CourtBaRdeen, J.
A guaranty is defined to be “ a separate, independent contract, by which the guarantor undertakes, for a valuable consideration, to be answerable for the payment of some particular debt, or future debts, or the performance of some duty, in case of the failure of another person primarily liable to pay or perform; ” and it is said that such guaranty is assignable, with the obligation secured thereby, and that it goes with the principal obligation, and is enforceable by the same persons who can enforce that. Colebrooke, Collateral Securities, § 253; Ellsworth v. Harmon, 101 Ill. 274; Claflin v.…
2Cases cited12 opinions
- Carpenter v. LonganSupreme Court of the United States · 1873
- Evansville National Bank v. KaufmannNew York Court of Appeals · 1883
- Evertson v. BoothNew York Supreme Court · 1822
- Croft v. BunsterWisconsin Supreme Court · 1859
- W. W. Kimball Co. v. MellonWisconsin Supreme Court · 1891
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3Cited by24 opinions
- Page Trust Co. v. Wachovia Bank & Trust Co.Supreme Court of North Carolina · 1924
- State Ex Rel. Greene County v. National BankSupreme Court of North Carolina · 1927
- Klein-Dickert Oshkosh v. Frontier Mortgage Corp.Wisconsin Supreme Court · 1980
- Thorpe v. StoryCalifornia Supreme Court · 1937
- Mellon Nat. Bank v. Citizens Bank & Trust Co. of CamdenCourt of Appeals for the Eighth Circuit · 1937
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