Joseph Story

“ But this being a continuing guarantee, in which the parties contemplated a series of transactions, and as soon as the defendants had received notice of the acceptance, they must necessarily have understood, that there would be sucessive advances, acceptances and indorsements, which would be renewed and discharged, from time to time, we cannot perceive any ground of principle or policy, upon which to rest the doctrine, that notice of each successive transaction, as it arose, should be given. ”

“ Every instrument of this sort ought to receive a fair and reasonable interpretation, according to the true import of its terms. It being an engagement for the debt of another, there is certainly no reason for giving it an expanded signification or liberal construction, beyond the fair import of the terms. ”

“ If it does so, it is but common justice, that it should receive this contruction, in favor of innocent parties, who have made acceptances, indorsements and advances upon the faith of it, according to the rule already stated, that the words shall be taken as strongly against the party using them as the sense will admit.
It is rare, that in cases of guarantee, the language of the instruments is such as to make the decision upon one, an exact authority for that of another. ”

“ The language of the letter then proceeds: 'In order to save you from harm in so doing, we do hereby bind ourselves, &c., to be responsible to you, at any time, for a sum not exceeding either thousand dollars, should the said Chester Haring fail so to do.' It is difficult to satisfy this language, without giving to the guarantee a continuing operation. The parties agree to be responsible at any time for a sum not exceeding $8000; and if so, is not the natural, nay, necessary, import, that the acceptances, indorsements and advances are not limited in duration ”

“ We think, that it would be difficult to give any other interpretation to the language, without subjecting mercantile papers to refinements and subtleties, which would betray innocent men into the most severe losses, by an unsuspecting confidence in them. ”

“ Clarke's Executors, 7 Cranch 69, that 'the law will subject a man, having no interest in the transaction, to pay the debt of another, only when his undertaking manifests a clear intention to bind himself for the debt. ”

“ Words of doubtful import ought not, it is conceived, to receive that construction.' On the other hand, as these instruments are of extensive use in the commercial world, upon the faith of which large credits and advances are made, care should be taken to hold the party bound to the full extent of what appears to be his engagement ”