Bank of Horton v. Brooks

Citations

• 64 Kan. 285
• 67 P. 860
• 1902 Kan. LEXIS 199

Syllabus

<p>SYLLABUS BY THE OOUBT.</p> <p>Sureties — Promissory Note — Extension of Time of Payment —Release of Surety. Where a holder of a note on which there is a surety agrees with the maker thereof to extend the time of payment, if he, the maker, will enter into a contract with a stranger, the said holder to be the beneficiary of such contract, the fact that by such contract such maker is liable to be made to respond in damages for its breach to the third person — even though the performance of such agreement cannot be specifically enforced —constitutes a sufficient consideration moving from the maker of such note to the holder to support the agreement to extend, and thereby excuse .the surety from payment.</p>