Silvey v. Dowell

Citations

• 53 Ill. 260

Syllabus

<p>Jurisdiction in chancery—remedy at law—as between cosureties. The principal maker of a note placed an indemnity in the hands of one of his sureties, and the latter assumed to pay the note, and, after having paid it in part, procured a third person to purchase the note for his benefit. The assignee sued upon it in his own name, and recovered a judgment thereon against the surety, for whose benefit the note had been bought, and another, his co-surety, and execution was levied upon the property of the latter: Held, it was inequitable to compel the surety, whose property was levied on, to pay the debt for the benefit of his co-surety, in whose hands the principal maker had placed funds to pay it, and a court of chancery would interpose to restrain its collection. The remedy was not at law.</p>