Underhill v. Palmer
New York Court of Common Pleas
Appeal from a judgment of the general term of the Marine Court of the City of New York affirming a judgment of that court entered upon the dismissal of a complaint on a trial by the court without a jury.
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Appeal from a judgment of the general term of the Marine Court of the City of New York affirming a judgment of that court entered upon the dismissal of a complaint on a trial by the court without a jury. The action "was brought upon a promissory note made by the defendant John Davis, Jr., to the order of the plaintiff, and indorsed by the defendant Benjamin W. Palmer and delivered to the plaintiff as collateral security to him for an indebtedness of the defendant Davis to him, for which the plaintiff also held, as security, a mortgage by Davis of household furniture owned by the latter. After…
1Opinion of the CourtVan Hoesen, J.
The rule governing this case is thus stated by Mr. Pollock in his work on Contracts, p. 251: a surety is entitled to the benefit of every security which the creditor has against the principal debtor at the time the contract of suretyship is entered into, whether the surety knows of the existence of such security or not; and if the creditor loses or without the consent of the surety parts with such security, the surety is discharged to the extent of the value of such security. The part of the rule especially applicable to this case, is that which limits the discharge of the surety to the…
2Cases cited2 opinions
- Hayes v. WardNew York Court of Chancery · 1819
- Vose v. . the Florida Railroad CompanyNew York Court of Appeals · 1872
3Cited by4 opinions
- Cohen v. RossmooreAppellate Division of the Supreme Court of the State of New York · 1929
- Keeler v. HollwegAppellate Division of the Supreme Court of the State of New York · 1899
- Keeler v. HollwegNew York Supreme Court · 1898
- Keeler v. HollwegAppellate Division of the Supreme Court of the State of New York · 1899