Freeman v. Cherry
Supreme Court of Georgia
Before Judge Cole. Bibb Superior Court. October Adjourned Term, 1871. William A. Cherry filed his bill against Milo S. Freeman, J. W. Blackshear and Thomas J. Flint, for contribution.
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Before Judge Cole. Bibb Superior Court. October Adjourned Term, 1871. William A. Cherry filed his bill against Milo S. Freeman, J. W. Blackshear and Thomas J. Flint, for contribution. The bill set forth the following condition of affairs: In 1868, Blackshear, being indebted to the Home Insurance Company, procured complainant, Freeman and Flint to indorse his note, negotiable at bank, simultaneously, the name of the payee being left blank, all the parties understanding that the payee was the insurance company. It so happened that complainant was the first to place his name on the back of the…
1Opinion of the Court
McCay, Judge.
Our Code, section 2123, has this language under the head of “Principal and Security” : “ The form of the contract is immaterial provided the fact of suretyship exists; hence an accommodation indorser is considered merely as a surety.”
It is difficult to put any meaning upon this provision of the Code if it does not mean that accommodation indorsers are liable to contribution. All indorsers are, in a certain sense, securities. They all undertake for the maker of the *17note. But ordinary indorsers receive value, since prima facie un indorsement implies that the indorser, not the…
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