Nathan Clifford, Emerson v. Slater — Opinion of the Court
“ But we are not aware of any case or dictum showing that because a surety, after he has become bound as such, takes security from his principal to indemnify himself against loss by his contract of suretyship, he thereby ceases to be a surety and becomes a principal debtor. There are decisions, no doubt well founded, that an absolute parol promise to pay the debt of another, in consideration of property put into the promissor's hands to enable him to pay the debt, makes the debt his own, and he is not a surety, within the statute of frauds. ”
