Joseph Pratt &Amp; Another v. Horace M. Hedden

• Citation: 121 Mass. 116
• Court: United States State Supreme Judicial Court of Massachusetts Supreme Court
• Decision Date: 10 October 1876
• Parties: Joseph Pratt & another v. Horace M. Hedden

121 Mass. 116

Joseph Pratt & another v. Horace M. Hedden

Supreme Court of Massachusetts

October 10, 1876

Worcester. Contract for $ 2325.47, and interest thereon being money paid by the plaintiffs to the defendant's use, "the same being one third of the amount paid by the plaintiffs on taking up and paying the following note, signed by Lucius W. Pond, and the plaintiffs: "Worcester, May 18, 1870. For value received, we, L. W. Pond, as principal and F. H. Kelley and Joseph Pratt, as sureties, jointly and severally promise to pay to the People's Savings Bank, in the city of Worcester, or order, seventy-seven hundred eighty-three and 76/100 dollars, on demand, with interest semi-annually at rate of eight per cent. per annum, at the office of said Savings Bank."

The answer admitted the making of the note, and alleged that on or about May 23, 1873, the said Savings Bank, being dissatisfied with said security, requested Pond to furnish an additional surety, and that thereupon, and at the request of Pond, the defendant made the following indorsement on the back of the note: "Waiving right to demand a notice. Horace M. Hedden." the answer also contained a general denial.

The case was submitted to the judgment of this court on the pleadings and agreed facts, in substance as follows:

On May 18, 1870, Lucius W. Pond borrowed money of the People's Savings Bank, of Worcester, on the note set forth in the declaration, which was signed by him and the plaintiffs.

On or about December 23, 1872, the bank called for payment of the note; Pond applied to the bank for an extension of time upon the loan, and the trustees voted on December 23, 1872, in relation to said note, as follows: "Voted to extend for one year from this date the note of L. W. Pond, on condition that he reduce it to $ 6000, and furnish an additional surety." On January 6, 1873, Pond, towards effecting this reduction, paid $ 1500 to the bank on the note, and the amount was indorsed thereon. At about this time, in order to obtain the extension of the loan proposed by the vote, Pond saw the defendant and told him that the bank had required him to furnish another surety on the note, and requested the defendant to put his name on the note, and the defendant thereupon went to the bank, and, the note being produced by the treasurer, he put his name on the back thereof, as set forth in the answer. The bank did not afterward require Pond to pay the remaining...