Maxwell v. Southern Fidelity Mutual Insurance

The only question necessary to be considered to determine this appeal is; Did the extension of time of payment of the amount due and payable from A. W. Couch, principal, on 10 July, 1936, and the taking of said chattel mortgage in the manner and form aforesaid, operate to discharge the defendant surety of its liability? We think not.

The defendant is a paid corporate surety. In Loan Assn. v. Davis, 192 N. C., 108 (113), the following is written as a “well-settled” principle: “The law does not have the same solicitude for corporations engaged in giving indemnity bonds for profit as it does for…