Chauncey N. Shipman & Co. v. Kelley
New York Supreme Court
Action upon a guaranty of payment for goods sold to a third! party; _ _ A jury trial was by the parties waived,- and the issues joined were, upon an agreed state of facts, submitted to the court for decision. The liability of the defendant is sought to be sustained upon the terms contained in the following written instrument: “ Fór a valuable consideration I hereby guaranty to O. N..
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Action upon a guaranty of payment for goods sold to a third! party; _ _ A jury trial was by the parties waived,- and the issues joined were, upon an agreed state of facts, submitted to the court for decision. The liability of the defendant is sought to be sustained upon the terms contained in the following written instrument: “ Fór a valuable consideration I hereby guaranty to O. N.. Shipman & Go. the payment for all bills for1 coal shipped to said Harwoód & Irish at Skaneateles, N. Y., by 0. N. Shipman & Go., to the. amount of fifteen hundred dollars per month. The understanding between all…
1Opinion of the CourtLambert, J.
The defendant is a surety, and' the limit of his liability must be ascertained from the terms of the written undertaking. He assumed a burden -without .sharing in the benefits óf the subject of the contract, and, therefore, had the right to prescribe the exact terms upon which he entered into the obligation,—,to limit his liability either as to time, amount, or parties,— and,, having done this, he has a right to insist on his discharge from legal liability in case the terms imposed have not been observed. The meaning of the language used in the contract of guaranty is both clear and…
2Cases cited4 opinions
- Place v. . McIlvainNew York Court of Appeals · 1868
- Hale v. ParmleyTennessee Supreme Court · 1850
- Dorlon v. ChristieNew York Supreme Court · 1862
- Graham v. NegusNew York Supreme Court · 1890