Glickauf v. Kaufmann

Citations

• 73 Ill. 378

Syllabus

<p>1. Guaranty—when indorsement of note amounts to. Where the name of a person not the payee of a note is indorsed on it before delivery, in the absence of evidence to the contrary, he indorses it as guarantor.</p> <p>2. A party to a tripartite agreement undertook, on his part, that, when the contract was executed by all the creditors of the third party, he would assume and become responsible for a certain per cent of the indebtedness of the third party to them, respectively, and would deliver to them the notes of the third party, with his indorsement, for the amount. In pursuance of this agreement, he indorsed notes given by the third party, payable to the creditors: Held, that his liability was that of a guarantor, and not of a mere indorser.</p>