[Download] "Adams, Cunningham and Company v. Calvin Jones" by United States Supreme Court * eBook PDF Kindle ePub Free
eBook details
- Title: Adams, Cunningham and Company v. Calvin Jones
- Author : United States Supreme Court
- Release Date : January 01, 1838
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 69 KB
Description
In Douglass v. Reynolds, 7 Peters' Reports, the Court decided that 'a party giving a letter of credit, has a right to know whether it be accepted, and whether credit is given on it or not:' indeed, until such notice, there is no contract. The Court in that case say, such notice is most material, not only as to his responsibility, but as to future rights and proceedings. It may regulate his course of conduct, and his exercise of vigilance in regard to the party in whose favour it is given.' That case also decides, that a demand of payment of the principal should be first made, before the guarantor is resorted to. The guaranty in that case was stronger than this; the guarantors bound themselves jointly and severally to be responsible for all advances, &c. The principle of the case in 7 Peters, is applicable to continuing guarantors, or to guarantors of a single transaction; as was decided in Lee v. Dick, 10 Peters' Reports, 432. The Court in this last case, says: 'there are many cases where the guaranty is of a specific, existing demand, by a promissory note, or other evidence of a debt, and such guaranty is given upon the note itself, or with a reference to it, and recognition of it, when no notice would be necessary. The guarantor, in such cases, knows precisely what he guaranties, and the extent of his responsibility. But when the guaranty is prospective, and to attach upon future transactions, and the guarantor uninformed whether his guaranty has been accepted and acted upon, or not, the fitness and justice of the rule, requiring notice, is supported by considerations that are unanswerable.' It is believed the above authorities are decisive of this case.
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