Holyfield v. Harrington

Citations

• 84 Kan. 760
• 115 P. 546
• 1911 Kan. LEXIS 414

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. Negotiable Instruments — Material Alteration — Ratification. A material alteration in a promissory note may be ratified by any person affected by it so as to bind him as fully as though he had authorized it in the first instance.</p> <p>2. -Material Alteration — Ratification—New Consideration Not Required — Statute Construed. A new consideration is not necessary to support the contract of ratification. Section 5377 of the General Statutes of 1909 which provides that “where a negotiable instrument is materially altered without the assent of all parties liable thereon it is avoided, except as against a party who has himself made, authorized or assented to the alteration and subsequent indorsers” is construed to mean that any one of the parties to such an instrument may assent to a material alteration so as to make himself liable thereon without any new consideration, upon the principle that he who may authorize in the beginning may ratify in the end.</p> <p>3. - Material Alteration — Ratification Renews Liability. At the request of the payee the maker of a promissory note after it had been executed and delivered altered the time of payment from three years to one year. Two of the sureties on the note afterward indorsed in writing upon the back of the instrument their agreement to the change of time. Held, that they ratified the change and made themselves liable upon the note without any new consideration.</p>