Leary v. Cheshire

Supreme Court of North Carolina
Leary v. Cheshire, 56 N.C. 170 (N.C. 1857)
Peakson

Leary v. Cheshire

Opinion of the Court

PeaksoN, J..

The allegation of the defendant fhatlie holds ■a j udgment against his intestate, besides that upon the guardian bond, is not supported bjr proofs, and must be put out of the case.

"We have, then, this question: A principal becomes insolvent, and his sureties are forced to pay the debt; one of them afterwards gets into his hands a fund belonging to the jn'inci-pal, and, upon his death, by taking out letters of administration, acquires .the right to retain the fund, can he claim the whole benefit, or must he share with his co-surety?

Among co-sureties, “ equality is equity.” This is a well-settled principle, “Tf one surety, by any means, gets a fund belonging to the principal, he is not at liberty to take the entire benefit, but must share with his co-sureties; Barnes v. Pearson, 6 Ire. Eq. 482; Allison v. Davidson, 2 Dev. Eq. 19.

PeR CuriáM, Report confirmed, and decree for the amount reported.

Reference

Full Case Name
THOMAS LEARY administrator, against ALEXANDER CHESHIRE individually, and as administrator of N. E. Beasley
Status
Published