suspending remedy
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 47 U.S. 279 - United States v. Hodge · 1848Most cited · 32 citing opinions
If the remedy on an instrument is suspended, for a valuable consideration, the indorser or security is released, because his right to discharge the obligation and be subrogated to the rights of the holder of the paper is also suspended. But a contract to give time is void, and does not release the security, unless it be founded upon a valuable consideration. It must be a contract which a court of law or equity can enforce.