Holton v. Smith

1. Where several persons who are directors of a banking corporation borrow money which is used for the benefit of the bank, and obligate themselves to repay it, all of the obligors are equally bound to bear the common burden, and where all of the obligors except one make a payment on the obligation, which payment represents their aggregate pro rata shares, their obligation to pay the remainder of the debt (which is the pro rata share of the obligor who did not pay) is, as respects this latter obligor, that of sureties only; and where the obligors who have thus paid their pro rata share of the…