¶1Where a note is indorsed by several successive indorsers for the accommodation of the maker, their rights and obligations in respect to each other are determined by the form of the contract, in the absence of any agreement between them. Tn the present case, there being no agreement between them, and the plaintiff having taken up the note, he can recover the amount of the defendant, who is a prior indorser. Clapp v. Rice, 13 Gray, 403. Weston v. Chamberlin, 7 Cush. 404. Sweet v. McAllister, 4 Allen, 354. Judgment for the plaintiff.
89 Mass. 340
Woodward v. Severance
Massachusetts Supreme Judicial Court
Decided November 15, 1863
Massachusetts Supreme Judicial Court · decided 1863-11-15
Contract brought by the second indorser against the first indorser of a promissory note, signed by Charles E. Rice and indorsed first by the defendant, then by the plaintiff, and after-wards by another person, all of whom, it was agreed, were accominodation indorsers, with no agreement or understanding among themselves in reference to their interest or liability, except such as would be implied by law.
Decided 1863-11-15