Smith v. Johnson

Citations

• 23 Cal. 63

Syllabus

<p>Where A executes a promissory note to B bearing interest at three per cent, per month, and C, D, and E sign the note as sureties for A, and B afterwards recovers judgment on the note against A, the maker and the sureties, and the sureties pay the judgment, in an action by the sureties against the maker for the money thus paid, they can only recover judgment for the amount of money paid, with interest at the rate of ten per cent, per annum from the time of payment.</p> <p>Where there is no agreement or contract in writing, fixing a different rate of interest, parties are limited in their recovery to ten per cent, per annum.</p> <p>The rate of interest fixed in a promissory note is not a contract or agreement in writing between the maker of and sureties on the note.</p>