Walters v. Kraft

Citations

• 23 S.C. 578
• 1885 S.C. LEXIS 134

Syllabus

<p>1. Where a principal and sureties gave their joint and several promissory note, upon which, after maturity, the principal debtor, from time to time, made several payments, the legal liability of all the parties to the note was discharged at the expiration of six years from its maturity, and thereafter action could be maintained only on the new promise implied from the partial payments credited on the note.</p> <p>2. But as such subsequent promise constituted a new contract and a new cause of action, no one is liable except him who made it; the liability of the sureties was not continued by the payments and promises of the principal debtor.</p> <p>3. The relation of agency does not exist between joint-debtors arising from community of interest; their community of interest is confined r.o the payment of the debt. Payment by a principal debtor cannot continue the obligation of a surety, without his consent, beyond the period fixed by the original contract.</p> <p>4. Silman v. Silman (2 Hill, 416) is inconsistent with Smith v. Caldwell (15 Rich., 378), and was practically overruled by this later case. Mr. Justice McGowan, dissenting.</p>