Friedman v. Maltinsky

Citations

• 260 Pa. 312
• 103 A. 731
• 1918 Pa. LEXIS 510

Syllabus

<p>Negotiable instruments — Promissory notes ■ — ■ Endorsers — Joint endorsers — Contribution—Actions at law and in equity — Actions between joint endorsers — Payment by joint endorser — Property held as indemnity — Bight to accounting — Controlling execution — Notice of protest — Mailing notice.</p> <p>1. The right to contribution arises upon payment of a common burden, and he who so pays may recover from those jointly liable with him without waiting to realize upon property that may have come to his hands through such payment.</p> <p>2. While in general equity has jurisdiction to enforce contribution among those jointly liable, such jurisdiction is not exclusive, especially where the right grows out of a contract express or implied.</p> <p>3. Where a joint endorser has paid the debt and has come into possession of property from which he may be indemnified, he is not barred from his remedy in contribution merely by the fact that he holds such security, and there can be no set-off on account of the indemnity, unless its value is ascertained.</p> <p>4. Where officers and stockholders of a corporation become accommodation endorsers on the corporation’s promissory notes, the responsibility of the endorsers is mutual, they each and all stand aa sureties for the corporation and they are not entitled to notice of protest, if the corporation fails to pay the note at maturity.</p> <p>5. Notice of protest, properly addressed, left in the place in the notary’s office where mail is usually collected by the postman, is not a mailing required by the statute.</p> <p>6. Where real estate has been conveyed to certain endorsers of a promissory note to indemnify them against the loss which they have sustained in consequence of being compelled to pay the note, and they manage the property for a time and collect the rents thereof, a coendorser who has not paid his share of the note cannot successfully defend an action at law for contribution on the theory that the ease involves an acco