Babcock v. Blanchard

Citations

• 86 Ill. 165

Syllabus

<p>1. Subrogation—in favor of guarantor faying note. Where a party guarantees the payment of a promissory note for the accommodation of another, and, on default of payment by his principal, pays the same to the holder, the law will imply a promise on the part of the principal to repay, and the guarantor will be subrogated to the rights of the holder, to whom he makes payment.</p> <p>2. Assignor ■— liability where maker of note is insolvent. The assignor of a note is liable to the holder where the maker is insolvent when the note matures, when the declaration counts on such liability.</p>