Old Dominion Mining & Concentrating Co. v. Daggett

Citations

• 38 Wash. 675
• 80 P. 839
• 1905 Wash. LEXIS 1230

Syllabus

<p>Contracts—Construction—Provision for Payment of Note. A stipulation in a promissory note to the effect that the payee is willing to accept monthly payments of $10 each, together with 7% per cent of all premiums on policies written for the payee or for certain named parties, the same to be paid to’ the payee and applied on the note, does not impose upon the payee any obligation to write insurance on its property or on the property of the persons named, especially in the absence of the monthly payments of $10; and it is error to find that the note was discharged on its failure to take such insurance, especially where it was not shown that the monthly payments had been made, nor that the payed could have purchased insurance from the makers in sufficient amount to cause the agreed percentage to fully pay the note.</p> <p>Limitation of Actions—Tolling Statute—Payment on Note by Joint Maker. The statute of limitations does not run in favor of a joint maker of a note who personally makes a payment thereon from his own funds, within the period, without the knowledge or consent of his co-makers.</p>