Myers v. First National Bank

Citations

• 78 Ill. 257

Syllabus

<p>1. Sureties—release by extension of time to principal, without their assent. Where an extension of time is given a principal debtor for the payment of money, by a valid and binding agreement, without the assent of the sureties, they are thereby released.</p> <p>2. Consideration for agreement to extend time—payment of usurious interest. An agreement by the holder of a promissory note, made with the principal in said note, without the knowledge or consent of the sureties, to extend the time for the payment thereof, in consideration of usurious interest paid by the principal, and accepted by the holder of such note, is a valid and binding contract for an extension of time, and releases the sureties.</p>