Armstrong v. Gilchrist
New York Supreme Court
The respondent, in October, 1797, commenced a suit -in tbe supreme court of this state, agaiust the appellants, in the name of Hezekiah B. Pierpont, to recover to the use of the respondent tbe value of 15 half shares of ‘the national bank stock of the United States, due on an instrument of writing, given by the appellants to Pierpont, which the respondent had endorsed at the instance and request of the appellants, as their guarantee.
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The respondent, in October, 1797, commenced a suit -in tbe supreme court of this state, agaiust the appellants, in the name of Hezekiah B. Pierpont, to recover to the use of the respondent tbe value of 15 half shares of ‘the national bank stock of the United States, due on an instrument of writing, given by the appellants to Pierpont, which the respondent had endorsed at the instance and request of the appellants, as their guarantee. The respondent, some time after, and before the same became due, purchased from Pierpont the note or contract for the consideration of 4290 dollars. The suit at…
1Opinion of the CourtRadcliff, J.
1. The respondent paid the money on the notes guarantied by him'for his own indemnity. He stood in the character of surety; and having paid the money for his principals, he was entitled to receive it again, with interest from the time of payment.
With regard to the notes of Whippo endorsed by Walter Livingston, there is no evidence that he acted without authority in compromising with the latter at 13 shillings and 4 pence in the pound. On the contrary, the respondent, in his answer in chancery, swears, that he communicated *lhe negotiations of the creditors of Walter Livingston to the…
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