Wilson v. Powers

• Decision Date: 08 January 1881
• Citation: Wilson v. Powers, 130 Mass. 127 (Mass. 1881)
• Court: United States State Supreme Judicial Court of Massachusetts Supreme Court
• Parties: Job T. Wilson v. Patrick P. Powers & another

130 Mass. 127

Job T. Wilson v. Patrick P. Powers & another

Supreme Court of Massachusetts

January 8, 1881

Argued November 8, 1880

Bristol.

New trial ordered.

J. J Archer & H. A. Clark, for the plaintiff.

J. M Morton, Jr. & B. K. Lovatt, for the defendants.

Morton J. Ames & Endicott, JJ., absent.

OPINION

Morton, J.

This is an action against the sureties upon a promissory note.The defence relied on is that the plaintiff has released the sureties by entering into an agreement with the principal to extend the time of payment.

The indorser or the surety upon a note is discharged by an agreement made, without his consent, between the holder and the maker to give time to the maker.But, to have this effect, it must be a valid agreement founded upon a good consideration, such as can be enforced either at law or in equity.Veazie v. Carr, 3 Allen 14.Potter v. Green, 6 Allen 442.Jennings v. Chase, 10 Allen 526.

By the note in suit, which is dated February 2, 1874, Philip S. Walsh, as principal, and the defendants, as sureties, jointly and severally promise to pay in three years after date to Job T. Wilson, or order, $ 5000 with interest at the rate of twelve per cent per annum, payable semiannually in advance.

On July 5, 1877, Wilson signed an agreement, not under seal, of which the material parts are as follows: "And I hereby agree to continue or extend the time of final payment for three additional years, or until February in the year of our Lord 1880.The conditions as expressed in said mortgage deed to be complied with.That is also required that the said Walsh shall pay when requested all interest now due and continue to pay at the rate of seven and three tenths per cent interest semiannual after February 1877, and an addition to be applied to the principal of 4 7/10 per cent as aforesaid."

If we assume that this instrument was...