Donald v. First National Bank

Citations

• 100 Miss. 174
• 54 So. 721

Syllabus

<p>1. Principal and Surety. Change -from principal to surety. Consideration.</p> <p>Where a surety on a promissory note desiring an extension of the same, agreed with a cosurety who- objected to the extension that if he, the cosurety would allow the extension, he, the surety, would sign a new note as comaker and this was accordingly done, the surety signing as comaker cannot, so far as his original cosurety is concerned, deny his liability as a comaker of the new note.</p> <p>2. Same.</p> <p>In such case the cancellation of the old note by the renewal and extension effected by the new note was sufficient consideration to bind the former surety as maker on the renewed note.</p>