Smith v. Vickers

1. Prior to the enactment of the negotiable-instruments law, approved August 18, 1924 (Ga. L. 1924, p. 126, Michie’s Code, § 4294), an indorsement upon a note by one other than the payee, whose indorsement is not necessary to pass title, constitutes a contract of suretyship only; and where such indorser does not contract under seal, although the execution of the note by the maker was under seal, the right of action on the contract of indorsement becomes barred after the expiration of six years from the date of its accrual. Sibley v. American Exchange National Bank, 97 Ga. 126 (25 S. E. 470) ;…