[DOWNLOAD] "Read v. Bowman" by United States Supreme Court * eBook PDF Kindle ePub Free

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eBook details

• Title: Read v. Bowman
• Author : United States Supreme Court
• Release Date : January 01, 1864
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 58 KB

Description

Goodwin, for the plaintiff in error: The contract about the notes shows plainly that Whitaker was the principal debtor. It is 'the said Whitaker' who 'has agreed to pay the said Read.' Lloyd & Bowman do not contract to pay at all. Indeed there was no equity to raise an obligation for them to pay. Read's assignment was to 'Whitaker,' and to him alone. He alone got a permanent and beneficial interest. What Lloyd & Bowman do is this: they–after that Whitaker has promised to pay–agree that they with him will give their notes. Is it not plain that they did this as his sureties? Where a contract is to pay the debt of another, without any new consideration to the party so contracting, the obligation is to be construed as one of suretyship,1 and, of course, to be construed strictly. The surety is bound in the manner and under the circumstances pointed out in his obligation. He may stand to its very terms, and if a variation is made without his assent, he is discharged. This obligation of the sureties was not absolute, but was contingent upon the condition precedent, that a patent for the specified improvements shoud first issue. If no patent ever issued, although Whitaker was still liable to Read for the sum agreed, Bowman & Lloyd could not be called upon for its payment.

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