W. T. Rawleigh Company v. Overstreet

In their cross-bills the defendants contend: (a) That they are not sureties as contended by the plaintiff, but are guarantors. “A surety binds himself to perform if the principal does not, without regard to his ability to do so. His contract is equally absolute with that of his principal. They may be sued in the same action, and judgment may be entered up against both. A guarantor, on the other hand, does not contract that the principal will pay, but simply that he is able to do so; in other words, a guarantor warrants nothing but the solvency of the principal.” Manry v. Waxelbaum Co., supra.…