principal debtor
Definitions from Case Law · United States Supreme Court
Definitions from Case Law
From 84 U.S. 411 - Ray v. Smith · 1873Most cited · 15 citing opinions
indorser as
he becomes the principal debtor when, either before or at the maturity of the note, he is supplied by the maker with sufficient funds for the purpose of paying it. Receiving the funds for such an avowed purpose, he assumes an obligation to take up the note; and, as has been said, he may be regarded as an agent who has undertaken to pay, and who, therefore, cannot be disappointed if his principal, trusting to his obligation, takes no further steps for the payment.
How often courts cite the case defining “principal debtor”
Court decisions citing the opinion that defined “principal debtor” — 15 in all, by decade. Counts are citations to the defining case as a whole, not verified uses of the term. The dip in the most recent years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the latest years.