47 Ga. App. 266 | Ga. Ct. App. | 1933
The amended^petition of the plaintiff administrator shows that at some time in the past his intestate and the defendant indorsed a note to a bank, made by a corporation in which both were interested, that on failure by the corporation to pay the bank, the defendant wrote to the plaintiff’s intestate a letter, enclosing two promissory notes representing the amount due the bank, signed by the corporation, one payable to the defendant and the plaintiff’s intestate, and the other payable to the defendant, and both indorsed by the defendant. The letter enclosing these notes was as follows: “I regret my inability to finance any further at this end, and am enclosing you the notes for the principal and interest, and trust that you can send the First National Bank check for $5,300 to take up your note within the next few days. While I am endorsing these notes for principal and interest, it is with the distinct understanding that in ease of loss each of us loses equally, but if you will stay with this proposition and give the company time, I feel sure that we will not have any loss, but a nice profit on our stock.” Thereupon, acting on this proposal, plaintiff’s intestate paid the old note due to the bank, on which both were indorsers, and accepted the two new notes inclosed with the letter. The petitioner sues for one half of the amount due on the two notes, and brings the suit, according to the petition, “by reason of” said
1. The period of limitation for actions on promissory notes and other simple contracts in writing is six years after the obligations becomes due and payable. Such period for actions on contracts not under the hand of the party sought to be charged, or on an implied assumpsit, is four years after the right of action accrues. Civil Code (1910), §§ 4361, 4362. The right of one who has paid a promissory note, signed by himself and another as a coprincipal, to call on the latter for contribution under an implied contract for money paid, is limited to a period of four years. Powell v. Powell, 171 Ga. 840 (156 S. E. 677); Sherling v. Long, 122 Ga. 797, 799 (50 S. E. 935); Watkins v. Woodbury, 24 Ga. App. 80, 83 (100 S. E. 34); McLin v. Harvey, 8 Ga. App. 360 (69 S. E. 123); Hall v. Harris, 6 Ga. App. 822 (65 S. E. 1086).
Judgment affirmed.