Chatham National Bank v. Pratt
New York Supreme Court
Appeal from circuit court, New York county. Action by the Chatham Hational Bank aga'inst James H. Pratt on a written guaranty. Defendant appeals from a judgment entered on a verdict for plaintiff and from an order denying his motion for a new trial. Affirmed.
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Appeal from circuit court, New York county. Action by the Chatham Hational Bank aga'inst James H. Pratt on a written guaranty. Defendant appeals from a judgment entered on a verdict for plaintiff and from an order denying his motion for a new trial. Affirmed. In April, 1885, William T. Pratt, having an individual account with the Chatham Hational Bank, and being pressed to secure the same, obtained from James H. Pratt, and delivered to the bank, the following guaranty: “New York, April 25th, 1885. “For value received, and for the purpose of giving William T. Pratt credit at the Chatham…
1Opinion of the CourtBartlett, J.
The guaranty upon which this suit was brought was a guaranty of collection, only, and the counsel on both sides agree that a diligent prosecution of the principal was essential in order to charge the guarantor with any liability on the instrument. Craig v. Parkis, 40 N. Y. 181; Insurance Co. v. Wright, 76 N. Y. 445. The delay in proceeding against the principal in this case was so great that the learned judge who presided upon the trial correctly charged the jury that it released the defendant, unless the plaintiff could show that the delay was due to some agreement, understanding, or…
2Cases cited2 opinions
- Craig v. . ParkisNew York Court of Appeals · 1869
- Northern Ins. Co. v. . WrightNew York Court of Appeals · 1879
3Cited by2 opinions
- Richard Nathan Corp. v. Mitsubishi Shoji Kaisha, Ltd.District Court, S.D. New York · 1941
- Kahn v. HollanderNew York Supreme Court · 1910