Laura v. Crane Bros. Manufacturing Co.

Citations

• 80 Ill. 244

Syllabus

<p>1. Guarantor—liable without regard to solvency or insolvency of maker. The liability of the guarantor of a promissory note, whose guaranty is absolute and unconditional, does not depend upon the solvency or insolvency of the maker or indorser, and the holder is not required to institute any proceedings against the maker.</p> <p>2. Same—not released by payee taking collateral security. Taking a note as collateral security to another note, upon which there is an absolute guaranty, and transferring the collateral note, the original all the time remaining in the hands of the payee, does not release the guarantor.</p>