Tracy v. Pomeroy Bros.

Citations

• 120 Pa. 14
• 13 A. 514
• 1888 Pa. LEXIS 453

Syllabus

<p>Plaintiffs were holders of a note with two indorsers, protected by collaterals furnished by the first indorser, when defendant bound himself by a separate obligation to pay them any sum, not exceeding a certain amount, they might fail to collect on the note or from the collaterals: Held,</p> <p>1. That defendant’s undertaking was a new and independent responsibility assumed with a knowledge of the antecedent and at least equal equities of the indorsers, and he had no claim upon the collaterals either by subrogation or otherwise.</p> <p>2. That his liability upon his obligation was fixed upon proof of the fact, which was for the jury, that plaintiffs had proceeded upon their note and the collaterals with due diligence and had failed to collect the full amount of the note.</p>