Merchants' Bank v. Bussell

Citations

• 16 Wash. 546
• 48 P. 242
• 1897 Wash. LEXIS 359

Syllabus

<p>NEGOTIABLE INSTRUMENTS—EXTENSION OF PAYMENT — RELEASE OF SURETIES.</p> <p>The extension of time of payment of a promissory note in consideration of its indorsement by an additional surety constitutes such a new contract, based upon a valid consideration, as to release sureties not consenting thereto.</p> <p>A contract for extension of the time of payment of a promissory note, entered into between the holder and part of the sureties thereon, is binding and valid, although the principal makers of the note may not be parties to the agreement.</p>