Moritz's Estate

Citations

• 239 Pa. 375
• 86 A. 875
• 1913 Pa. LEXIS 573

Syllabus

<p>Negotiable instruments — Promissory notes — Endorsers—Extension of time of payment — Discharge of endorser — Act of May 16, 1901, P. L. m.</p> <p>1. A person secondarily liable as endorser on a promissory note is discharged when the time of payment is extended, or the right of enforcement is postponed, unless the endorser is a party to the agreement or unless the right of recourse is expressly reserved.</p> <p>2. Where promissory notes were renewed with agreements between the maker and holder that the new notes were not accepted in payment of the old notes, and that all rights against endorsers were preserved, the liability of endorsers was not thereby discharged, even if they were not parties to the agreements, but where there were subsequent renewals without any such agreements the liability of endorsers was thereby ended as provided in the Negotiable Instruments Act of May 16, 1901, P. L. 194.</p>