Boatmen's Savings Bank v. Johnson
Missouri Court of Appeals
Appeal from the St. Louis Circuit Court, Shepard Barclay, Judge. If the creditor, by the composition agreement, which discharges the maker or acceptor, reserves his remedies against the indorser, the latter remains liable. The debt, in such ease, is not satisfied or extinguished. Bank v. Sehmucker, 7 Mo. App. 171; Ex parte Qlendining, Buck’s Cases in Bankruptcy, 517; Kearsley v. Cole, 16 Meeson & Welsby, 127; Price v. Barker, 30 Eng. L. & Eq.
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Appeal from the St. Louis Circuit Court, Shepard Barclay, Judge. If the creditor, by the composition agreement, which discharges the maker or acceptor, reserves his remedies against the indorser, the latter remains liable. The debt, in such ease, is not satisfied or extinguished. Bank v. Sehmucker, 7 Mo. App. 171; Ex parte Qlendining, Buck’s Cases in Bankruptcy, 517; Kearsley v. Cole, 16 Meeson & Welsby, 127; Price v. Barker, 30 Eng. L. & Eq. R. 157; Sohier v. Boring, 6 Cush. 537 ; Tobey v. Ellis, 114 Mass. 120 ; Kenworthy v. Sawyer, 125 Mass. 28; Lysaght v. Philips, 5 Duer, 106; Way man v.…
1Opinion of the CourtThompson, J.
The single question presented by this record is, whether an endorser or surety is. released by a composition agreement between the holder of the obligation and the maker, acceptor, or other principal debtor, which composition, in express terms, reserves every right and remedy which the holder, or obligee, has against other persons. The question must be answered upon authority, that such an agreement does not discharge the endorser or surety.
Two principles are universally conceded in respect of the rights of sureties, and are not disputed by the parties to this proceeding: (1) That a valid…
2Cases cited16 opinions
- Faulkner v. FaulknerSupreme Court of Missouri · 1880
- Kenworthy v. SawyerMassachusetts Supreme Judicial Court · 1878
- Bangs v. StrongNew York Court of Chancery · 1842
- State ex rel. Midgett v. MatsonSupreme Court of Missouri · 1869
- Tobey v. EllisMassachusetts Supreme Judicial Court · 1873
11 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- D. M. Osborne & Co. v. LawsonMissouri Court of Appeals · 1887
- Schwitzerlet-Seigler Co. v. Citizens & Southern BankSupreme Court of Georgia · 1923
- Martinsburg Bank v. Bunch and Boil.Missouri Court of Appeals · 1923
- Miners & Merchants Bank v. RogersMissouri Court of Appeals · 1907
- The Hardaway Company, Plaintiff-Counter-Defendant-Appellant v. Amwest Surety Insurance Company, Defendant-Counter-Claimant-AppelleeCourt of Appeals for the Eleventh Circuit · 1993
2 more not listed; retrieve them via the Exa API.