Ryan v. Caldwell
Court of Appeals of Kentucky
•Case 65 — ACTION ON PROMISSORY NOTE APPEAL FROM LOGAN CIRCUIT COURT. The cause of action accrued by the very terms of the contract when the maker of the note was in default in the payment of two instalments. Bank v. Peck, 8 Kansas, 660; Schooley v. Romain, 31 Md., 574; M-obray v. Lackie, 42 Md., 474; Dean v. Nelson, 10 Wall., 158 (L. ed. Book 19, p. 926); Parks’ Exr. v. Cooke, 3 Bush, 168; Bishop v. Lawrence, 8 Ky.
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•Case 65 — ACTION ON PROMISSORY NOTE APPEAL FROM LOGAN CIRCUIT COURT. The cause of action accrued by the very terms of the contract when the maker of the note was in default in the payment of two instalments. Bank v. Peck, 8 Kansas, 660; Schooley v. Romain, 31 Md., 574; M-obray v. Lackie, 42 Md., 474; Dean v. Nelson, 10 Wall., 158 (L. ed. Book 19, p. 926); Parks’ Exr. v. Cooke, 3 Bush, 168; Bishop v. Lawrence, 8 Ky. Law Rep., 645. The surety stands upon the letter of his obligation and the clause inserted in the note for the benefit of the payee enures likewise to the benefit of the surety.…
1Opinion of the CourtChief Justice H'Azelrigg
The general principle is well settled that a surety is bound only by the letter of his contract of suretyship. When, therefore, a promissory note is due in five years from its date, and there is a further provision that the interest is to be paid at stated times, and “should as much as two installments of interest, at any time, be due and unpaid, then, and in that event, the whole shall be and become due,” the contract as to the surety on the note is to be construed as maturing, and the note treated as due •whenever as many as two installments of interest shall become due and remain unpaid.…
2Cases cited2 opinions
- Hunt v. . RobertsNew York Court of Appeals · 1871
- Parks' ex'r v. CookeCourt of Appeals of Kentucky · 1867
3Cited by6 opinions
- City of Covington v. PattersonCourt of Appeals of Kentucky · 1921
- Snyder v. MillerSupreme Court of Kansas · 1905
- City of Middlesboro v. TerrellCourt of Appeals of Kentucky (pre-1976) · 1934
- Perkins v. SwainIdaho Supreme Court · 1922
- Central Trust Co. v. Meridian Light & Ry. Co.Mississippi Supreme Court · 1913
1 more not listed; retrieve them via the Exa API.