Dickerson v. Derrickson

Citations

• 39 Ill. 574

Syllabus

<p>1. Consideration to support a guaranty—what is sufficient. The assignment of a judgment is a sufficient consideration to support a guaranty.</p> <p>2. Averment of consideration. In an action upon a guaranty, where the entire instrument, which recites that it was made in consideration of the assignment of a judgment to the guarantor, is set out in the declaration, that is as clear an averment that a consideration was given to support it, as if such an averment was formally made.</p> <p>3. Proof of consideration. And when the instrument is introduced in evidence in such a case, it proves the averment of consideration.</p> <p>4. Guaranty—when it is absolute. Where a guarantor undertakes to pay a specific sum of money in case a third party fails to do so, that constitutes an absolute guaranty.</p> <p>5. Guaranty—in what event an absolute guarantor becomes liable Where a guaranty is absolute, it is the duty of the guarantor to see to the payment of the money; no demand or notice of non-payment is necessary to fix his liability.</p> <p>6. Same—o/ a contingent gua/ramty—notice. It seems, however, that when the guaranty depends upon the happening of some contingent event, it is necessary, when the event has occurred, that notice should be given to the guarantor within a reasonable time.</p> <p>7. Same—what is reasonable notice in such case. What is a reasonable time for such a notice depends upon circumstances; if it is given before loss can occur, or the situation of the parties becomes changed so as to endanger loss, it is sufficient. If delayed so long as to deprive the guarantor of the means of securing himself, it would not be in time, and the guarantor would be released.</p> <p>8. Pboof of non-payment—what constitutes—lurden of proof. In a suit upon a guaranty, where the proof tends to show that the original promissor had not heen in the part of the country where the contract was made, since its execution, the inference would he warranted that he had not paid the m