The endorsed bond was substituted for that portion of the original debt, the amount whereof it represents. Teach cannot.be made liable, but upon the terms o? the endorsement ; that is to say, not unless it be established, that Ellison was insolvent. A loss of the debt for any other cause will not subject him.
Campbell's executors v. Leach, 3 N.C. 233, 2 Hayw. 233 (1803)
April 1803
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North Carolina Superior Court
3 N.C. 233, 2 Hayw. 233
Campbell’s executors vs. Leach.
T EACH had purchased lands of Campbell, and in part of the price, had given him a note on Ellison % with an endorsement, purporting that he, Leach, would be liable for the amount, in case EUison should prove insolvent. Campbell sued him and-had judgment, and issued a ca. sa. and he was committed to gaol, and gave security for the prison bounds and forfeited his bond.