Carraway v. Odeneal

Citations

• 56 Miss. 223

Syllabus

<p>1. Principal and Surety. Promissory note. Judgment. Time of payment extended.</p> <p>In an action against the makers of a promissory note, one of whom is principal and the other surety, if the principal agree with the plaintiif that judgment shall be rendered against himself and his co-defendant, with a stay of execution for a given time, and the judgment is accordingly entered, the surety is not discharged from liability by the holder of the note giving the principal further time for payment, but is held as a party to the agreement, and bound by it, although he never consented to it, or knew anything of it; for, being a defendant in the action, he is constructively present at the rendition of the judgment, which is in the nature of a new contract with both defendants.</p> <p>2. Promissory Note. Agreement to take less than amount due. Effect.</p> <p>Where the holder of a promissory note agrees with the maker thereof to take less than the amount legally due on the note if paid within a given time, the note being then overdue, the agreement is void for want of a consideration, and the holder of the note may collect the full amount due thereon.</p> <p>3. Chancery Practice. Motion to dissolve injunction.</p> <p>Under sect. 1049 of the Code of 1871, a motion to dissolve an injunction may be heard on the tenth day after the filing of the answer, and the motion may be entered and notice be given to the complainant on the day of such filing.</p>