Gage v. Mechanics' National Bank

Citations

• 79 Ill. 62

Syllabus

<p>1. Guarantobs—liability on a joint guaranty. Where the payees of a promissory note indorse on the back of it, '• For value received, we guarantee the payment of the within note at maturity,” they become jointly and severally liable to pajr the note at maturity.</p> <p>3. In such case the holder, as between the maker and the guarantors, is under no obligation to demand payment of the maker, and, on his default, to notify the guarantors; but it is the duty of the guarantors, and of each of them, on maturity of the note, to go to the holder and take it up.</p> <p>3. Joint guarantors of a promissory note do not stand in the relation of principal and surety, but each one is a principal, and neither one is discharged by the negligence of the holder of the note in not compelling payment by the other of his equitable share.</p> <p>4. Where two persons jointly guaranty the payment of a promissory note payable to themselves, and deliver it to another for a valuable consideration, they may be sued jointly or severally, and it is no defense to the action against one, to show that at the time the note became due the other was able to pay his proportion of it, and that the holder, by suit, could have collected it from him, and that before the suit was brought he had become insolvent.</p>