Moore v. Redding

Citations

• 69 Miss. 841

Syllabus

<p>1. Pbutoipai, and Surety. Forbearance. Consideration. Discharge of surety.</p> <p>An agreement by the holder of a note to extend for a definite period the time of payment, in consideration of the promise of the principal debtor to pay interest on the debt during such extension, constitutes a binding contract of forbearance, and will operate to discharge a surety who does not consent to the extension.</p> <p>2. Same. Contract to forbear. Agreement for interest; rate immaterial.</p> <p>It is immaterial what rate of interest is to be paid during the period of extension. It may be the rate stipulated for in the original contract or a different one. The right of the debtor to have' the use of the money for any defined time, and the right of the creditor to get interest at any given rate for such period, are alike valuable in law, and will support the reciprocal promises of the parties — that of the creditor to forbear, and that of the debtor to retain the money and pay interest. Brown v. Prophit, 53 Miss., 649.</p>