Dyer v. . Bray

Where a note is given merely in renewal of another note and not in payment thereof, tbe effect is to extend tbe time for tbe payment of tbe debt without extinguishing or changing tbe character of tbe obligation, and, in case of default, tbe bolder may sue upon tbe original instrument. Bank v. Rosenstein, 207 N. C., 529.

Speaking to tbe subject in Grace v. Strickland, 188 N. C., 369, 124 S. E., 856, Adams, J., delivering tbe opinion of tbe Court, observed: “As applied to negotiable instruments, tbe word ‘renewal,’ or ‘renewed,’ signifies more tban tbe substitution of one obligation for another.…