Ragsdale v. Winnsboro Bank

Citations

• 45 S.C. 575
• 23 S.E. 947
• 1896 S.C. LEXIS 17

Syllabus

<p>1. Creditor, and Debtor — Release—Assignment—Principal and Surety — Rev. Stat., 2311. — -A creditor releasing a debtor in accordance with the terms of an assignment, executed under Rev. Stat., 2311, does not thereby release the surety, unless it so affirmatively appear on the face of the release.</p> <p>2. Ibid. — Ibid.—Ibid.—Ibid.— Case • Distinguished. — Where principal and sureties both make assignments for benefit of creditors at same time, the creditor holding endorsed claims is entitled to receive a dividend from the assigned estates of the sureties upon the full amount due on the face of such claim, regardless of the amount which may be' received from the estate of the principal debtor. Wheat v. Dingle, 32 S. C., 473, distinguished.</p> <p>3. Ibid. — Assignment—Principal and Surety.' — Debts arising after an assignment is made is not provable against the assigned estate. So the assignee for a surety who is compelled to pay a dividend on a suretyship debt, after the assignment of the principal, cannot prove such claim against the assignee of the principal.</p>