Iron City National Bank v. Rafferty
Supreme Court of Pennsylvania
Iron City National Bank v. Rafferty, 207 Pa. 238 (Pa. 1903)
56 A. 445; 1903 Pa. LEXIS 486
Brown, Dean, Fell, Mestrezat, Potter
Iron City National Bank v. Rafferty
Opinion of the Court
In affirming plaintiff’s second written prayer for instructions with the explanations and illustrations of the law determining the liability of sureties, the learned judge of the court below disposed of every substantial ground of controversy in this case. The jury having credited the testimony of Mr. Wright, the cashier of the bank, there is no error which can he reached by an appellate court.
All the assignments of error are overruled and the judgment is affirmed.
Reference
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- Syllabus
- Promissory notes—Principal and surety—Guaranty—Corporation. Where two officers of a corporation indorse on the company’s demand note the following words: “For value received, wehereby guarantee the prompt payment of the within note,” and follow the words with their signatures, they are liable as sureties, and not as guarantors on the indorsement. Promissory note—Collateral security—Sale of collateral—Banks and banking. Where a collateral note gives to the holder after default the right to sell the collateral at public or private sale without demand, advertisement or notice, the holder may, if acting in good faith and without negligence, sell the collateral at private sale for less than its face value, and without notice to the surety.