Joseph Story,
McLemore v. Powell — Opinion of the Court
“ It is unnecessary to give any opinion upon that part of the charge which respects the right of an endorser to require the holder to commence a suit against the drawer. In general, the endorser, by paying the bill, has a complete power to reinstate himself in the possession and ownership of the bill, and thus to entitle himself to a personal remedy on the instrument against all antecedent parties. ”
Joseph Story,
McLemore v. Powell — Opinion of the Court
“ An agreement without consideration is utterly void, and does not suspend for a moment the rights of any of the parties. In the present case, the jury have found, that there was no consideration for the promise to delay a suit, and, consequently, the plaintiffs were at liberty immediately to have enforced their remedies against all the parties. ”
Joseph Story,
McLemore v. Powell — Opinion of the Court
“ And we are all of opinion that it does not. We admit the doctrine, that although the endorser has received due notice of the dishonour of the bill, yet, if the holder afterwards enters into any new agreement with the drawer for delay, in any manner changing the nature of the original contract, or affecting the rights of the endorser, or to the prejudice of the latter, it will discharge him. ”
