104 Minn. 130 | Minn. | 1908
On July 31, 1894, Arndt O. Dahltorp and Ole A. Brown executed certain promissory notes to the order of„the Minnesota Thresher Manufacturing Company, each in the sum of $226, due December 1, 1895, and December 1, 1896, '¡respectively. August 14, 1894, respondent B. O. Dahltorp executed the following indorsement on the back of each note
“For value received, I hereby guarantee the payment of the within note and interest, three months after its maturity, or at any time thereafter, on demand of Minnesota Thresher Manufacturing Company, or order, hereby waiving notice, demand, protest, diligence in collecting, and prejudice by renewals or extensions.”
The notes were duly assigned to appellant, and the maker made va
Appellant submits that the peculiar language of the contract was sufficient to show an intention on the part of the guarantor to absolutely assume payment of the debt during any time in which recovery could be had against the maker. The words of the contract, “hereby waiving notice, demand, protest, diligence in collecting, and prejudice by renewals or extensions,” are not sufficient to express such purpose. The express contract is that the guarantor will pay the notes three months after their maturity, or at any time thereafter on demand. This express language would be of no effect if the suggestion of appellant was'adopted. The guarantor simply waived notice, demand, etc., within the express terms of his contract. The guarantor on such a contract occupies the same position to the maker as a joint maker does to the other joint makers, in which case the rule is that a partial payment by one joint maker will not prevent the running of the statute of limitations as to the other makers. Atwood v. Lammers, 97 Minn. 214, 106 N. W. 310. Nor will a partial payment by the principal debtor suspend the running of the statute of limitations in favor of a surety. Mozingo v. Ross, 150 Ind. 688, 50 N. E. 867, 41 L. R. A. 612, 65 Am. St. 387.
Affirmed.