German American State Bank v. Bear

Citations

• 111 Kan. 193
• 206 P. 902
• 1922 Kan. LEXIS 200

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. Indemnity Contract — Against Loss on Promissory Notes — Notes Extended — Indemnitors Not Discharged. Persons who sign a contract indemnifying a bank against loss on account of certain notes held by the bank are not discharged from liability by extension of time given to the makers of the notes, although the indemnitors do not consent to the extension of time.</p> <p>2. Same — Contract Assignable. An indemnity contract is assignable.</p> <p>3. Same — Measure of Indemnitors’ Liability. Under such a contract as is described in the first paragraph of this syllabus, the amount of the liability of the indemnitors is measured by the notes. ■ ■</p> <p>4. Same — Several Liability of Indemnitors. Where such a contract of indemnity is several, although signed by more than one, the obligation of each indemnitor is independent of that of the others.</p>