First National Bank v. Diehl

Citations

• 218 Pa. 588
• 67 A. 897
• 1907 Pa. LEXIS 578

Syllabus

<p>Promissory notes — Indorsers—Extension of time — Contract.</p> <p>Where the payee of a promissory note made by a corporation enters into an agreement with one of the several indorsers on the note, that if such indorser will pay the note as soon as possible, or at the most within sixty days, other notes of such indorser will be extended, such agreement does not release the other indorsers from liability, if the note has been duly protested, and notice of protest has been given to them. In such a case the mere fact, without more, that the indorser with whom the agreement was made, was the president of the corporation which made the note, is immaterial as affecting the liability of the other indorsers.</p>