Cases Determined by the St. Louis, Kansas City and Springfield Courts of Appeals of the State of Missouri Volume 117

Cases Determined by the St. Louis, Kansas City and Springfield Courts of Appeals of the State of Missouri Volume 117

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1906 edition. Excerpt: ... period of limitation of the instrument itself.. So it is held that a surety, on payment of the debt, does not become, -ipso facto, subrogated to the rights of the creditor, but only acquires a right to such suhrogation (Hull v. Sherwood, 59 Mo. 172), which he must as Burrus v. Cook. sert before his legal remedy is barred. Junker v. Rush, 136 Ill. 179; Johnson v, Belden, 49 Iowa 301; Bittenhouse v. Levering, 6 Watts & Serg. 190; Joyce v. Joyce, 1 Bush. 474. And so Judge THOMPSON states the law in Bauer v. Gray, 18 M'o. App. 170. So it is said by Judge NAPTON that "The right of a security to recover from his principal the amount which he has paid in his behalf, is a right which may be established in a court of law; but his right to stand in place of his creditor, as to all securities, funds, liens, and equities which he may have, is a right which can only be established in a court of equity." Miller v. Woodward, 8 Mo. 169, 175. In undertaking to defend the position that subrogation of a surety operates to place him literally in the creditor's shoes, with all the rights of the creditor, and to make him literally the owner of the creditor's claim (a note for instance) as though he were an ordinary assignee, and therefore entitled to the period of limitation prescribed for a note, one is led into the most unreasonable, illogical and inconsistent positions. Thus a creditor has the right, of course, to recover the full amount of the note, but the surety is not permitted "to speculate ofi his principal" nor his co-surety, and can recover no more than he has been compelled to pay for him. As, if the surety should compromise or otherwise adjust the note at less than its face, he can recover no more than he...show more

Product details

  • Paperback | 262 pages
  • 189 x 246 x 14mm | 472g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236772547
  • 9781236772541