First National Bank v. Cecil

Citations

• 23 Or. 58
• 31 P. 61
• 1892 Ore. LEXIS 103

Syllabus

<p>1. Promissory Note — Consideration—Forbearing Suit. — Mere forbearance to sue upon receiving the note of a third party, or his signature to a note already made and delivered, is not a good consideration and will not support the promise of the surety so made. In addition to the forbearance there must have been a promise so to do in order to sustain the contract. When the agreement to forbear is not explicit, it may be inferred from the fact of the forbearance, and this implied agreement is a sufficient consideration for the new note or signature.</p> <p>2. Promissory Note — Signing After Delivery — Principal and Surety —Maker.— When one, for a valuable consideration, signs his name to a joint and several promissory note after it has been signed and delivered, he becomes, as between himself and the payee, a maker and may be sued as such. He entered into a new contract with the holder of the note on a new and additional consideration.</p>