New Bedford Five Cents Savings Bank v. Union Mill Co.
Massachusetts Supreme Judicial Court
Contract on the following promissory note signed by the defendants: “ $30,000. New Bedford, July 14,1877. For value received, we, Union Mill Co. of Fall River as principal, and S. A. Chace, E. C. Kilburn and F. H. Stafford as sureties, jointly and severally, promise to pay the treasurer of the New Bedford Five Cents Savings Bank, or order, thirty thousand dollars, on demand, with interest, on usual terms 6 per cent.”
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Contract on the following promissory note signed by the defendants: “ $30,000. New Bedford, July 14,1877. For value received, we, Union Mill Co. of Fall River as principal, and S. A. Chace, E. C. Kilburn and F. H. Stafford as sureties, jointly and severally, promise to pay the treasurer of the New Bedford Five Cents Savings Bank, or order, thirty thousand dollars, on demand, with interest, on usual terms 6 per cent.” Stafford alone defended; and the case was submitted to the Superior Court, and, after judgment for the plaintiff, to this court on appeal, on an agreed statement of facts in…
1Opinion of the CourtEndicott, J.
The defendant does not deny his liability, but contends that the case should be continued for judgment until the amount of the dividend of the Union Mill Company can be ascertained and appropriated to the payment of the note. But we s-r.e no good reason why the case should be thus postponed, even if we assume that, as against the plaintiff, the liability of the company and the defendant is that of principal and surety. Where a principal and surety are liable on a note, and both are bankrupts, the holder may prove the amount against each, and receive dividends on the full amount, provided he…
2Cases cited1 opinion
- National Mount Wollaston Bank v. PorterMassachusetts Supreme Judicial Court · 1877
3Cited by3 opinions
- Beauchamp v. Saginaw Mining Co.Michigan Supreme Court · 1883
- Mercantile Guaranty Co. v. HiltonMassachusetts Supreme Judicial Court · 1906
- Stafford v. New Bedford Five Cents Savings BankMassachusetts Supreme Judicial Court · 1882