Payne v. Powell
Texas Supreme Court
Appeal from San Augustine. Suit by appellee against appellants, on a note executed by them and one Reuben D. Wood, (who was alleged to be dead) for $100, payable twelve months after date, with interest at twelve per cent.
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Appeal from San Augustine. Suit by appellee against appellants, on a note executed by them and one Reuben D. Wood, (who was alleged to be dead) for $100, payable twelve months after date, with interest at twelve per cent. To this, among other things, defendants pleaded that they executed said note as sureties of Wood, which was known to Powell; that after-the note became due, Powell agreed to wait with Wood six months longer, in consideration of the further sum of six and one-half dollars, which Wood promised to pay for the forbearance, without the knowledge or consent of appellants. This…
1Opinion of the CourtWheeler, J.
The agreement, set up in the answer, as an agreement to give further time to the principal debtor, whereby the sureties are discharged from their liability, being an agreement to pay, for the use of money loaned, a larger premium,-or rate of interest, than is allowed by law, was usurious and void. (Hart. Dig. Art. 1609; 1 Wend. R. 555; 6 Id. 415.)
It is well settled, that the. mere giving of time to the principal debtor, without a binding agreement to that effect, will not discharge the surety. (Burke v. Cruger, 8 Tex. R. 66; Cruger v. Burke, 11 Id. 694.) And it seems equally well settled,…
2Cited by9 opinions
- Benson v. PhippsTexas Supreme Court · 1895
- Hartman v. DannerSupreme Court of Pennsylvania · 1873
- National Bank of Commerce v. GilvinCourt of Appeals of Texas · 1912
- Security Trust & Savings Bank v. RavelNew Mexico Supreme Court · 1918
- Royal v. LindsaySupreme Court of Kansas · 1875
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