Danforth v. Semple

Citations

• 73 Ill. 170

Syllabus

<p>1. Surety—discharged from liability by extension of time to principal. A valid agreement, made by the payee of a note with the principal, to extend the time of payment, without the knowledge or consent of the surety, releases such surety from any further liability on the note.</p> <p>2. A contract to extend the time of payment of a note in consideration of money actually paid, is a binding contract, and releases the surety on the note, if made without his knowledge or consent, whether the money so paid be regarded as usurious interest or not.</p>