Reports of Cases Argued and Determined in the Supreme Court of Alabama Volume 37-38

Reports of Cases Argued and Determined in the Supreme Court of Alabama Volume 37-38

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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. 1907 edition. Excerpt: ...a delinquent stockholder; although the charter of the company authorizes the rendition of judgment in its favor at the return term of the notice, provided it has been served twenty days previous thereto.--S. C. 679. SURETIES. 1. Discharge of surety by new contract between creditor and principal debtor.--A new contract between the creditor and the principal debtor, made without the consent of the surety, and founded upon valuable consideration, by which the time of payment is extended, discharges the surety, although no other day of payment is fixed.--Cox v. M. & G. Railroad Co.: 20. 2. Same; usury.--An agreement by the principal debtor to pay usurious interest in future, in consideration of the creditor's promise to extend the day of payment, being void, does not discharge the surety; whether the actual payment of usurious interest by the principal, would discharge the7 surety, quaere?--S. C. 320. 3. Action at law between co-sureties on official bond.--One of the sureties on a sheriff's official bond cannot maintain an action at law on the bond, against the other sureties, for their principal's default.--Mitchell v. Turner, 660. 4. Action for contribution; limitation of.--The statute of limitations does not begin to run between co-sureties, until one of them has paid more than his share of the common debt; hence, it is no defense to an action for contribution, that the statute of limitations had barred a recovery on the original debt before the commencement of the action, and that the defendant had never been sued on that debt.--Preslar v. Stallworth, 402. 5. No subrogation at law.--if a surety pays a judgment against himself and his principal, and takes an assignment of it to himself, the judgment is extinguished, and he cannot, at...
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Product details

  • Paperback | 584 pages
  • 189 x 246 x 30mm | 1,030g
  • English
  • Illustrations, black and white
  • 1236813448
  • 9781236813442