First Savings Bank & Trust Co. v. Flournoy

Citations

• 24 N.M. 256
• 171 P. 793

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. Under the uniform negotiable instrument statute the maker of a promissory note is “primarily liable” thereon, though he signs only for accomodation. Hence, where the accommodation maker is sued1 on a note, he is not entitled to have the party for whose benefit he signed the note, such party not having signed the same, made a party to the action. P. 260</p> <p>2. Under such statute (section 612, Code 1915) no person is liable on the instrument whose signature does not appear thereon, except as in such statute provided. P. 262</p> <p>3. Under section 2750, Code 1915, a married woman may enter into any engagement or transaction respecting property which she might if unmarried. A promissory note is an engagement respecting property which a married woman may make, although it can be enforced only against her separate property; hence, where a married woman signs a note for her husband, as an accomodation maker, she is liable thereon, regardless of the fact that the note may have been executed for a community debt. P. 263</p>