Punta Gorda Bank v. State Bank

Citations

• 52 Fla. 399

Syllabus

<p>1. A party who is only incidentally benefitted by a contract of guaranty, has not such interest in its performance as entitles him to sue for its breach.</p> <p>2. In construing a contract of guaranty a liberal construction should he indulged to determine the intent of the parties, and when that intent is discovered the guarantor is entitled to a strict construction in the working out of the intent.</p> <p>3. Where it appears from the declaration that the defendant hank and others owned the stock of the Punta Gorda Bank, which was a branch hank of the defendant, and thought it best for the banking interests oí Punta Gorda to increase the capital stock of said branch bank from $5,000.00 to $15,000.00, and to incorporate it as a separate independent institution, which was to take over the securities of the one it succeeded, and another party, a stranger, contemplated putting into the new concern, or causing others to do so, the addtional $10,000.00, but was uncertain of the value of some of the securities of the Punta Gorda Branch Bank, especially of one $4,500.00 note, and the defendant and others in order to induce the other party to put in, or cause others to put in $10,000.00 into the enterprise, executed a written guaranty of all the securities of the Punta. Gorda Branch Bank at their face value, and in consideration of this guaranty the additional $10,000.00 was added to the capital stock, and the new bank was organized — which is the plaintiff in this case, and took over the securities of the branch bank, including the $4,500.00 note, and same was lost to the new hank, by reason of the insolvency of its maker, the new bank, which is the plaintiff in this case, > has a right of action against the guarantors of the securities of the said branch hank.</p> <p>4. Tke defense of tke statute of limitations can not be raised by demurrer to a declaration in an action at law.</p> <p>5. Tke defense of a discharge from a contract can not be raised by demurrer to a decla