President & Directors of Bank v. Livingston
New York Supreme Court
This was an action on the case, brought upon a contract as follows: “ Whereas the bank of New York has agreed to lend the committee appointed to superintend the building of a new theatre, a sum not exceeding 25,000 dollars, for nine months, at the interest of six per cent, for the purpose of completing the theatre, on condition that satisfactory security be given for the repayment of the said loan : we, the subscribers, wishing to facilitate the completion of the said…
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This was an action on the case, brought upon a contract as follows: “ Whereas the bank of New York has agreed to lend the committee appointed to superintend the building of a new theatre, a sum not exceeding 25,000 dollars, for nine months, at the interest of six per cent, for the purpose of completing the theatre, on condition that satisfactory security be given for the repayment of the said loan : we, the subscribers, wishing to facilitate the completion of the said theatre, do hereby agree to guaranty *to the bank of New York, the repayment of the loan above mentioned, with the interest in…
1Per curiam
The members of the committee were mere agents in this transaction, and there was no necessity of suing them. The defendant absolutely guarantied the payment of the sum subscribed by him. He stands as surety at least, and is liable, in the first instance, to the plaintiffs. It is unnecessary to decide whether the plaintiffs could maintain an action against the agents. If they could, the defendant is collaterally liable, and the plaintiffs have done all that was necessary to make the defendant responsible.
Motion denied.(a)(a) See Theobald on Principal and; Surety, 1, 2, 45, et seq. Pitman on…
2Cited by6 opinions
- Cumpston v. McNairNew York Supreme Court · 1828
- Lanusse v. BarkerSupreme Court of the United States · 1818
- Wilkinson-Gaddis Co v. Van RiperSupreme Court of New Jersey · 1899
- Lanusse v. BarkerSupreme Court of the United States · 1818
- Cass v. ShewmanNew York Supreme Court · 1891
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