THE FIRST NATIONAL BANK OF LIVE OAK, A BANKING CORPORATION UNDER THE LAWS OF THE UNITED STATES, APPELLANT,
v.
WILLIAM E. DAVIS, J. R. DAVIS AND IRENE DAVIS, APPELLEES
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This case concerns whether a partial payment by the maker of a note tolls the statute of limitations for the endorsers. The court held that the endorsement contract is separate from the maker's contract and, being unsealed, is subject to a shorter statute of limitations that is not tolled by the maker's payment.
No, part payment by the maker of a note does not toll the statute of limitations as to the endorsers because the endorsement contract is separate and unsealed, thus subject to a shorter limitations period.
“the contract of endorsement was a separate contract from that of the maker; that the endorsement was not a sealed instrument; and that part payment by the maker, in and of itself, did not toll the statute as to the endorsers.”
This quote summarizes the court's core reasoning for its decision.
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Join FLexlaw to unlock all legal intelligenceThe plaintiff bank sued the defendants as endorsers on a note made by William E. Davis. The maker's signature was sealed, but the endorsements were no…
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This is an appeal by the plaintiff below from a final summary judgment in favor of the defendants, who were sued as endorsers on a note made by one William E. Davis to the plaintiff.
Although the maker’s signature was followed by a seal, the endorsements were unsealed. The defendants pleaded the five year statute of limitations, which the plaintiff sought to overcome by showing part payment by the maker within the period of limitations.
We conclude that the lower court was correct in holding that the contract of endorsement was a separate contract from that of the maker; that the endorsement was not a sealed instrument; and that part payment by the maker, in and of itself, did not toll the statute as to the endorsers. Fourth National Bank of Jacksonville v. Wilson, 88 Fla. 48, 101 So. 29; and Coker v. Phillips, 89 Fla. 283, 103 So. 612.
The judgment below is affirmed.
WIGGINTON, Acting C. J., and CARROLL, DONALD K., and SACK, JJ., concur.
Cases With Similar Vibessemantic neighbors from the corpus
Citator
Authorities Cited
- Coker v. Phillips, 89 Fla. 283 (Fla. 1925)
- The Fourth Nat'l Bank of Jacksonville v. Wilson, 88 Fla. 48 (Fla. 1924)