Jefferson Cooperage Co. v. Getzendanner

Hatcher, Judge:

This writ of error presents the question: Is a promisor, legally obligated to pay a debt of his promisee, liable to the promisee in advance of the latter’s payment of the debt?

In 1926, the plaintiff, Jefferson Cooperage Company, executed to the New York Life Insurance Company six promissory notes aggregating $22,000.00, payable in six annual installments commencing January 1, 1932. The notes bear interest from date payable annually. The Cooperage Company also executed a deed of trust on real property to secure the notes and covenanted in the deed to pay the taxes on the…