Third National Bank v. Hastings
New York Court of Appeals
Appeal from judgment of the General Term of the Supreme Court in the first judicial department, entered upon an order made on the first Monday of May, 1890, which affirmed a judgment in favor of plaintiff entered upon a verdict directed by the court. This action was to recover the amount unpaid on a promissory note, and was brought by an indorsee against the maker. It was defended upon the ground that the maker had been discharged from liability.
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Appeal from judgment of the General Term of the Supreme Court in the first judicial department, entered upon an order made on the first Monday of May, 1890, which affirmed a judgment in favor of plaintiff entered upon a verdict directed by the court. This action was to recover the amount unpaid on a promissory note, and was brought by an indorsee against the maker. It was defended upon the ground that the maker had been discharged from liability. April 11, 1887, the defendant, at the city of Hew York, made the note in suit, whereby he promised to pay, at that city, to the order of Hurlhut…
1Opinion of the Court
Follett, Ch. J.
In case two persons are liable for a debt, one as principal and one as surety, a voluntary release by the creditor of the principal with knowledge of the relation existing between the debtors discharges the surety. As between the Hurlbut Paper Co. and the defendant, the former was principal and the latter surety, of which fact the plaintiff was told September 30, 1887. The question presented by the record is, did the plaintiff after that date voluntarily discharge the principal debtor, or in any way impair the surety’s rights or remedies against the principal. If this question…
2Cases cited2 opinions
- Phelps v. . BorlandNew York Court of Appeals · 1886
- Gardner v. LeeNew York Supreme Court · 1852
3Cited by2 opinions
- Easton Furniture Manufacturing Co. v. CaminezAppellate Division of the Supreme Court of the State of New York · 1911
- Bank of United States v. MoskowitzCity of New York Municipal Court · 1934