(Download) "John G. M'Donald, Plaintiff in Error v. George B. Magruder" by United States Supreme Court * Book PDF Kindle ePub Free
eBook details
- Title: John G. M'Donald, Plaintiff in Error v. George B. Magruder
- Author : United States Supreme Court
- Release Date : January 01, 1830
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 73 KB
Description
This is a writ of error to a judgment rendered by the circuit court of the United States, for the county of Washington, in the district of Columbia, in an action of indebitatus assumpsit, brought by the first indorser of a promissory note against the second indorser, to recover half its amount. The note was made by Samuel Turner, Jun. and indorsed George B. Magruder, John G. M'Donald. At the trial of the cause a case was agreed by the parties, and the judgment of the circuit court was rendered in favour of the plaintiff on a verdict given by the jury, subject to the opinion of the court. That a prior indorser is, in the regular course of business, liable to his indorsee, although that indorsee may have afterwards indorsed the same note, is unquestionable. When he takes up the note he becomes the holder as entirely as if he had never parted with it, and may sue the indorser for the amount. The first indorser undertakes that the maker shall pay the note; or that he, if due diligence be used, will pay it for him. This undertaking makes him responsible to every holder, and to every person whose name is on the note subsequent to his own, and who has been compelled to pay its amount.
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