Smith v. Hyde
Supreme Court of Vermont
Assumpsit on a promisory note. Plea, the general issue, with notice of special matter in defence. Trial by jury at the December Term, 1862, Aldis, J., presiding. The defendant signed the note as surety, and this was known to the plaintiffs. The note was dated July 22d, 1859, payable for the sum of $500. in one year to M. A. Frisbee, who married Levi S. Smith before the note became due.
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Assumpsit on a promisory note. Plea, the general issue, with notice of special matter in defence. Trial by jury at the December Term, 1862, Aldis, J., presiding. The defendant signed the note as surety, and this was known to the plaintiffs. The note was dated July 22d, 1859, payable for the sum of $500. in one year to M. A. Frisbee, who married Levi S. Smith before the note became due. The defendants evidence showed that when the note was due, the principals on it paid the interest and agreed with the plaintiffs for an extension of time for one year, and to pay four per. cent. extra interest…
1Opinion of the Court
Barrett, J:
As to the exception taken by the defendant to the charge of the court: it seems to us, that the case falls within the decision in Burgess v. Dewey et al., 33 Vt. 618, in which it was held, that a mere executory agreement to pay usury does not constitute a valid consideration for an agreement to extend the time of payment of an existing debt, so as to operate a discharge of a surety on such debt; and that a payment made in pursuance of such agreement to pay usury, after the term of extension had expired, would not operate to make valid such agreement, as a consideration for the…
2Cases cited2 opinions
- Austin v. ChittendenSupreme Court of Vermont · 1861
- Burgess v. DeweySupreme Court of Vermont · 1861
3Cited by3 opinions
- Lemmon v. WhitmanIndiana Supreme Court · 1881
- Ludlow Savings Bank & Trust Co. v. KnightSupreme Court of Vermont · 1917
- Berry v. PullenSupreme Judicial Court of Maine · 1879