Caldwell v. Hurley

Citations

• 41 Wash. 296
• 83 P. 318
• 1906 Wash. LEXIS 957

Syllabus

<p>Bills and Notes — Indorsees Before Delivery as Co-sureties. Stockholders of a corporation who indorse the company’s note before delivery for the purpose of enabling the company to borrow money for use in its business, are prima facie joint makers who are in fact co-sureties.</p> <p>Same — Payment by One Co-surety — Contribution. An action for contribution lies between endorsers before delivery who sign a promissory note as prima facie makers and in fact as co-sureties of the principal maker.</p> <p>Limitation of Actions — Contribution of Co-surety — Implied Liability — Written Agreement. An action for contribution between co-sureties upon a promissory note is upon an implied liability arising out of an express contract, and is controlled by Bal. Code, § 4798, prescribing a limitation of six years for the commencement thereof.</p>