Domestic Credit Corp. v. Chapman
Domestic Credit Corp. v. Chapman
Opinion of the Court
In suit No. 1 on various notes the language of the endorsement is noteworthy—“Eor value received the undersigned hereby warrants payment of the within note.” Certainly •there is no obligation to sue the maker before proceeding ■against the guarantor. There is an absolute guaranty of payment of the obligation, and there is no necessity to sue <on the primary obligation as a condition precedent to the maintenance of the suit upon the guaranty. Pfeiffer v. 'Grossley, 91 N. J. L. 433.
In suit No. 2 on the assignments of various accounts receivable, the assignor agrees to act as agent for collection and there is a guaranty that he will collect the amount due.
The answers will therefore be struck.
Case-law data current through December 31, 2025. Source: CourtListener bulk data.