Minor v. Hart

Citations

• 52 La. Ann. 395

Syllabus

<p>Syllabus.</p> <p>1. An averment in a petition of the solidarity of an obligation which is joint in fact, and a prayer for a judgment in solido against several defendants, does not constitute an estoppel against the plaintiff’s recovery against some of the defendants because she made a compromise with another defendant after'issue joined.</p> <p>2. The obligation of two or more persons who intervene in an act of sale to a corporation, and give their personal guarantee that for a period of years its shares of preferred stock shall annually earn and pay a dividend of ten per cent., is joint as to the obligors and not in solido.</p> <p>3. Such a covenant evidences an independent stipulation potw aulrui and not a contract of suretyship; and the obligation of the intervenor is different and distinct from that of the corporation. Consequently, the insolvency of the corporation judicially declared, did not have the effect of precipitating the maturity of the instruments of the intervenors’ indebtedness not yet'run to maturity on the face of the contract, notwithstanding it had that effect as to its own debts not yet due. The principles announced in Hawkes vs. . Bright, 51st Ann., 79, are affirmed.</p>