Perrine v. Fireman's Insurance
Supreme Court of Alabama
Erroe to tbe Circuit Court of Mobile. Tried before tbe Hon. LymAN GtbboNS. This was an action of assumpsit by tbe Fireman’s Insurance Company of Mobile against Perrine, as endorser of a note for $180, made by one Jeanarett, dated tbe 9tb of April, 1847, payable to tbe defendant eight months after date, at tbe Bank of Mobile, and endorsed by tbe defendant to tbe plaintiffs. Tbe plaintiffs proved demand and notice, and rested their cause.
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Erroe to tbe Circuit Court of Mobile. Tried before tbe Hon. LymAN GtbboNS. This was an action of assumpsit by tbe Fireman’s Insurance Company of Mobile against Perrine, as endorser of a note for $180, made by one Jeanarett, dated tbe 9tb of April, 1847, payable to tbe defendant eight months after date, at tbe Bank of Mobile, and endorsed by tbe defendant to tbe plaintiffs. Tbe plaintiffs proved demand and notice, and rested their cause. Tbe defendant proved, that, sometime in tbe year 1839, Jeanarett became indebted to plaintiffs for ten shares of tbe stock of the Company, and that be…
1Opinion of the Court
PHELAN, J;
'"Where a creditor has the means of satis*577faction in bis bands, and chooses not to retain it, but suffers it to pass into tbe bands of tbe principal, tbe surety to that extent will be discharged. This is a well established prinei-pie. But will this principle apply to tbe case of tbe plaintiff in error?
What are we to understand by tbe terms “means of satisfaction in bis bands?” It does not signify that whenever a creditor happens to come into actual possession, or be in actual possession of money or property of bis principal debtor, whose debt is past due, be must seize and retain it;…
2Cited by7 opinions
- First National Bank v. Fidelity & Deposit Co.Supreme Court of Alabama · 1906
- White's Adm'r v. Life Ass'n of AmericaSupreme Court of Alabama · 1879
- First Nat. Bank v. MurphreeSupreme Court of Alabama · 1928
- Carson Opera House Ass'n v. MillerNevada Supreme Court · 1881
- Fielder v. VarnerSupreme Court of Alabama · 1871
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