McDowell v. Bank of Wilmington & Brandywine

Citations

• 2 Del. Ch. 1

Syllabus

<p>A bank, being the holder of a promissory note protested for non-payment, has not the right. to credit it with deposits made by the debtor to his account as a Justice of the Peace ; and its omission to do so does not - discharge the indorser.</p> <p>An agreement by the bank to credit the note with such fees as the debtor might earn as a Notary Public in protesting bills and notes for the bank does not discharge the indorser, though made without his privity.</p> <p>An agreement between the creditor and the principal debtor, in order to discharge the surety, must be such as gives time to the debtor ; and it must be for a consideration.</p> <p>Under articles of association which had been adopted as part of the charter of the bank it was provided that so long as a stockholder might remain indebted to the bank his stock should not be transferable. Held, that the defendant was not liable in damages for refusing to permit the indorser, while still remaining liable on his indorsement, to transfer his stock on the books of the bank.</p> <p>The maker of a promissory note, after a judgment recovered against the indorser, not a competent witness for the indorser in a suit in equity to restrain the collection of the judgment.</p>