Getty v. Schantz
Court of Appeals for the Seventh Circuit
In Error to the Circuit Court of the United States for the Eastern District of Wisconsin. The facts are correctly stated by counsel for the defendants in error, as follows: The defendants were sued as guarantors for collection of two notes made by the New London Furniture Company to Horton Cottrell, since deceased.
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In Error to the Circuit Court of the United States for the Eastern District of Wisconsin. The facts are correctly stated by counsel for the defendants in error, as follows: The defendants were sued as guarantors for collection of two notes made by the New London Furniture Company to Horton Cottrell, since deceased. The notes were made April 13, 1889, — one for 82,000, payable June 1, 1892. and the other for 82,300, payable June 1, 1891, — each with interest at 7 per cent., payable annually on the 1st day of June. The contracts of guaranty were written upon the backs of the notes at the time…
1Opinion of the CourtBunn, District Judge
We think there is no error in the record upon which the judgment can be reversed, and that the instruction of the court directing a verdict in favor of the defendants was correct. The evidence shows conclusively that the plaintiff did not exercise the proper degree of diligence, or any diligence, to charge the guarantors for collection of the note. The guaranty was not one of payment, .but for collection, and in such case the timely and diligent prosecution of the principal debtor by the usual legal remedies is a condition precedent to the right to look to the guarantors. Daniel, Neg. Inst. §…
2Cases cited15 opinions
- Day v. ElmoreWisconsin Supreme Court · 1856
- Salt Springs National Bank v. SloanNew York Court of Appeals · 1892
- Dyer v. GibsonWisconsin Supreme Court · 1863
- Witter v. NeevesWisconsin Supreme Court · 1891
- Borden v. GilbertWisconsin Supreme Court · 1861
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3Cited by1 opinion
- Cragin v. Ocean & Lake Realty Co.Supreme Court of Florida · 1931