Kelly's Ex'or v. Taliaferro

Citations

• 82 Va. 801
• 5 S.E. 85
• 1887 Va. LEXIS 148

Syllabus

<p>Endorsers—Collateral security—Exoneration—Case at bar.—Firm indebted to bank, latter consented to extend time on firm’s giving negotiable notes for the debt, endorsed by K. and T., and getting .latter to confess judgment for the aggregate as collateral security— K. did, but T. did not confess such judgment. Bank, informed of T.’s failure, promised to get judgment against T., but did not. The notes not being wholly paid, and K.’s estate being required to pay his judgment to the extent of the deficiency, K.’s executor insisted that bank should lose half of said deficiency on account of its laches in failing to get judgment against T.—</p> <p>Held :</p> <p>Under the agreement it was firm’s duty to get both K. and T. to confess judgment. Bank’s promise to obtain judgment against T. was nudum pactum, and not binding. K.’s estate has no claim to be exonerated as to one-half of the deficiency.</p>