Uniontown Bank v. MacKey

Citations

• 140 U.S. 220
• 11 S. Ct. 844
• 35 L. Ed. 485
• 1891 U.S. LEXIS 2456

Syllabus

<p>A promissory note made by two persons, one as principal and the other as surety, was endorsed for the accommodation of the principal by the payee, who afterwards, by agreement in writing with the holder, “ waives presentment for payment, protest, notice of protest, and consents that the payment thereof may be extended until he gives written notice to the contrary.” Held, that this authorized only an extension assented to by both makers of the note; that an extension by agreement between the holder and the principal, without the consent of the surety, discharged the endorser; but that no agreement for an extension of time was shown by the following facts: The holder having agreed with the principal “ to extend the credit upon renewal notes made by the same parties who executed the original notes,” and the surety being too sick to join in the execution of new notes, the holder, at the principal’s request, sent him a statement of interest on the notes 'for four months, as well as blank renewal notes to be signed by both makers when the surety should be able to do so, and afterwards received such interest from the principal, after the surety’s death, not knowing he was dead, and expecting the principal to procure and deliver renewal notes as before agreed.</p>