84 Ky. 641 | Ky. Ct. App. | 1879
delivered the opinion op the court.
The appellant alleged, in substance, that on the first of January, 1873, the appellee, McMakin, and one S. D. Hinkle, executed to him a note wherein they promised to pay him the sum of sixteen hundred dollars; that in January, 1878, Hinkle delivered to him two notes for thirteen hundred dollars each, purporting to. be signed by himself and McMakin; that said notes were delivered as renewals of the note for sixteen hundred dollars, and the accrued interest thereon, and for
It has been held in many cases that if a new security be given for a subsisting debt, and that security be void for any reason, it does not satisfy or discharge the preexisting debt or liability. (Robinson v. Bland, 2 Bur
But these cases are not exactly analogous to the case at bar. . In those cases the new security was absolutely and wholly void. In this case the new notes were valid as to Hinkle, and the question arises whether that will take the case out of the rule just stated. We think it will not, and without entering upon an extended discussion, we may rest this question also upon abundant authority. Ritter v. Singmaster, 73 Penn. St., 400, is exactly in point. In that case James Singmaster and others, who were private bankers, purchased of Buck-halter a promissory note, of which Buckhalter was maker and Ritter and Peck were indorsers. This note bore date April 8, 1870. July 8 that note was taken up and another for the same amount made by Buck-halter, and purporting to be indorsed by the same persons as the first, was given in renewal, and tin's was repeated once or twice at subsequent dates. It turned out that while the indorsements of Ritter and Peck on the first note were genuine, their names on the renewals were forged. Singmaster sued oh the first note, and it was held that the renewals did not discharge the indorsers from their liability on the first note. In Bank of Commonwealth v. Letcher (3 J. J. Mar., 195), this court held the same thing, in effect. In that case it appears that the bank sued Wm. Wilson
Tested by the authorities cited, the petition is sufficient to entitle the appellant to maintain his action, and the judgment is reversed, and the cause is remanded with directions to overrule the demurrer.