Horace Gray, Bank of Uniontown v. Mackey — Opinion of the Court
“ The agreement in writing between the holder and the indorser, as to each note, by which the indorser 'consents that the payment thereof may be extended until he gives written notice to the contrary,' evidently contemplated and authorized only an extension of time which should neither discharge nor increase the liability of any party to the note. ”
Horace Gray, Bank of Uniontown v. Mackey — Opinion of the Court
“ No present agreement for an extension of time can be inferred from the mere payment of interest under such circumstances. The necessary conclusion from the facts found is that the plaintiff never agreed to extend payment of the old notes, except upon receiving new ones signed by both makers, which were never given; and that the payment of interest has no effect upon the case, except, as admitted in the complaint, by way of deduction from the amount that the plaintiff is entitled to recover. ”
