92 Wis. 517 | Wis. | 1896
It was settled for this court by Cady v. Shepard, 12 Wis. 639, that, where a note is indorsed by a payee and a third party, the legal inference from the instrument itself that the payee is the first indorser may be explained by oral evidence of the facts and circumstances under which the indorsement was made, in order to show the proper order of liability among the indorsers.y'The in-dorsement itself is not such a written contract between the indorsers themselves as cannot be explained by oral evidence.
The obligation of one indorser to contribute to one who has paid the note does not arise from any breach of the con-ttract of indorsement, but only from its fulfillment. It is not ■an action upon the contract of indorsement at all, but is a liability which springs collaterally from it. It arises out of an agreement between the indorsers themselves. In the ab•-■sence of evidence of a special agreement, the law implies
By the Court.— The judgment of the circuit court is affirmed.