State Solicitors' Co. v. Savage

Citations

• 39 Fla. 703

Syllabus

<p>1. A surely is liable only to the extent of liis engagement, and where a promissory note upon which he is bound as surety has been materially altered without his consent, it will be avoided as to him.</p> <p>3. A material change in the original agreement can not be said to have been attempted by any alteration of the written evidence of it, when a new and distinct agreement is made and endorsed upon it in such a manner as to show that the endorsement is of a new agreement, in no way altering or affecting the language of the original agreement.</p> <p>3. A executed a note for $1,500, payable to B or order, and C and wife executed a mortgage to B on real estate to secure the note. The note and mortgage were executed and delivered to B, for purposes of negotiation, and before maturity he negotiated the same for $1,000 to a purchaser without any knowledge of any understanding between the parties in reference to the negotiation, at the same time writing on the face of the note below the signature of the maker'the following: “Pay :to the order of the Solicitors’ Company, Philadelphia, the said principal sum being reduced to one thousand dollars,” and .also endorsing upon the mortgage that, “the debt due on mote, for which the within mortgage is given to secure, is reduced to one thousand dollars ($1,000)”: Held, that this was not an alteration of the note itself, but evidence of a new and -distinct agreement, and in legal effect a credit of $500 on the mote.</p>