Polkinghorne v. Hendricks

Citations

• 61 Miss. 366

Syllabus

<p>1. Commercial Law. Indorsement. Original promisor. Where a party writes his name on the back of a note before delivering, in order to enable the maker to obtain money from the payee, he thereby renders himself liable to the payee as original promisor.</p> <p>2. Same. Surety. Forbearance. Usury. Such a party, though surety for the maker of the note, is not discharged by an extension of time on the note, to which he does not assent, when the extension is granted upon the prepayment by the maker of usury or interest. .The usury causes a forfeiture of all interest and the forbearance is therefore [without consideration or legal obligation.</p> <p>3. Prepayment of Interest. Usury. Under the laws of this State the prepayment of the full legal rate of interest is usurous.</p> <p>4. Interest. Forfeiture. Under the Code of 1880, £ 1141, the payment of more than ten per cent, per annum causes a forfeiture of all interest, and the payment will be treated not as interest, but as a payment on the principal.</p> <p>5. Pleading. Special plea. General issue. Demurrer. It is error to sustain a demurrer to a special plea upon the sole ground that it amounts to the general issue. Code 1880, $ 1567; Act of 1878, 190; Code 1857, 495; Act 116.</p>