National Exchange Bank v. Gay
Supreme Court of Connecticut
Action on a joint and several guaranty for the payment of loans made by the plaintiff bank to a joint stock manufacturing company of which the guarantors were stockholders ; brought to the Superior Court in Hartford County. The defendant filed an answer, the plaintiff replied, the defendant demurred to the reply, and the case was reserved upon the demurrer for the advice of this court.
Read the full summary
Action on a joint and several guaranty for the payment of loans made by the plaintiff bank to a joint stock manufacturing company of which the guarantors were stockholders ; brought to the Superior Court in Hartford County. The defendant filed an answer, the plaintiff replied, the defendant demurred to the reply, and the case was reserved upon the demurrer for the advice of this court. The guaranty, answer and reply are set out in the opinion. 1. It is well settled that sureties are favored both in law and equity, and have a right to stand upon the strict terms of their obligation, which is…
1Opinion of the CourtPardee, J.
The plaintiff corporation was organized on *231April 5th, 1864, under the act of Congress of February 25th, 1868. Under that law its existence would have terminated on February 24th, 1883. By an act of Congress passed July 12th, 1882, entitled an “Act to enable National Banking Associations to extend their corporate existence and for other purposes,” it was enabled to, and did, extend its existence during twenty additional years.
On January 8th, 1872, the defendant, with others, executed a bond as follows:—
"Know all men by these presents, that, whereas the National Exchange Bank of Hartford,…
2Cited by11 opinions
- Gay v. WardSupreme Court of Connecticut · 1895
- First National Bank v. JonesNew York Court of Appeals · 1916
- Schoonover v. OsborneSupreme Court of Iowa · 1902
- State v. CartyConnecticut Appellate Court · 2007
- Home Savings Bank v. HosieMichigan Supreme Court · 1898
6 more not listed; retrieve them via the Exa API.