Guarantor's liability
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 51 U.S. 461 - The Louisville Manufacturing Company v. Michael Welch · 1850Most cited · 24 citing opinions
The court refers to a class of cases both in England and in this country, drawing the distinction between the liability assumed by a guarantor, and that of the drawers or indorser of commercial papers; the former being held liable on his guaranty in the absence of any demand and notice, unless some damage or loss had been sustained by reason of the neglect; while, in order to charge the latter, strict demand and notice must be shown according to the law merchant.