McCrady v. Jones

Citations

• 44 S.C. 406
• 22 S.E. 414
• 1895 S.C. LEXIS 88

Syllabus

<p>1. Notes — Endorsers—Limitation oe Actions. — A promissory note signed by three endorsers was paid after maturity by the third endorser, who, within six years after payment, but more than six years after maturity of the note, brought action against the second endorser, who was an accommodation endorser. Held., that plaintiff had no cause of action against defendant until he had made his payment, and that, therefore, this action was not barred by the statute of limitations.</p> <p>2. Ibid. — Ibid..—Ibid.—Analogy pointed out between this case and ease where last endorser pays less than amount due, and is limited in his recovery against a prior endorser to the amount paid, and between this case and the equity of contribution among cosureties.</p> <p>3. Ibid. — Ibid.—Interest.—The plaintiff's cause of action being for money paid which defendant ought to have paid, the plaintiff could recover the amount paid, with interest at the legal rate only, and not at a higher rate stipulated in the note to be paid after maturity.</p> <p>4. Judgment Affirmed for amount as reduced by the correction.</p>