Cockrill v. Peoples Savings Bank

The bill herein was filed by a surety to restrain proceedings on behalf of his insolvent principal to enforce an indebtedness due from the surety to the principal, until the extent of the liability of the surety upon obligations of the principal to third parties could be ascertained, to the end that the surety might, after discharging such.liability of the principal to said third parties, have an equitable set-off as to the principal’s demand against him. The only relief sought by the bill was an injunction to preserve the status' quo. The answer denied complainant’s right to the relief…