Parkhurst v. Vail

Citations

• 73 Ill. 343

Syllabus

<p>1. Guaranty—of the consideration. If a parly signs his name as a guarantor upon a promissory note before its delivery to the payee, the consideration of the note will be presumed to be the consideration of the guaranty, but if he signs afterwards, then a consideration must be shown.</p> <p>3. Same—presumption as to time of malting. The signature of a third party in blank on the back of a note in the hands of the payee, is presumptive evidence it was placed there as a guaranty at the time of the execution of the note.</p> <p>3. Same—,guarantor not discharged by delay. The liability of a guarantor of a nole continues until the note is barred by the Statute of Limitation, and he is not discharged by mere delay in bringing suit against the maker. His undertaking is not conditional, like that of an indorser, but is absolute.</p> <p>4. Same—proof as to time of malting. Proof that, when a surety signed a note the name of a guarantor was not on it, when it appears that the principal maker had not then received the loan for which the note was given, is insufficient to overcome the presumption that the guaranty was made before delivery of the note.</p>