107 *mercantile Law Amendment

• Author: Ralph Hone
• Pages: #3

[CH.107.

CHAPTER 107.

MERCANTILE LAW AMENDMENT.

AN ACT TO AMEND THE LAWS * ** AFFECTING TRADE AND COMMERCE.

[29th July 1856.] [This Act may be cited as The Mercantile Law Amendment Act.] * * * * * * 3. No special Promise to be made by any Person after the passing of this Act to answer for the Debt, Default, or Miscarriage of another Person, being in Writing, and signed by the Party to be charged therewith or some other Person by him thereunto lawfully authorized, shall be deemed invalid to support an Action, Suit, or other Proceeding to charge the Person by whom such Promise shall have been made, by reason only that the Consideration for such Promise does not appear in Writing, or by necessary Inference from a written Document.

19 & 20 Vict. c.

97 extended by 23 of 1860.

Short title.

Consideration for Guarantee need not appear by Writing, * * * *, * 5. Every Person who, being Surety for the Debt or Duty of another, or being liable with another for any Debt or Duty, shall pay such Debt or perform such Duty, shall be entitled to have assigned to him, or to a Trustee for him, every Judgment, Specialty, or other Security which shall be held by the Creditor in respect of such Debt or Duty, whether such Judgment, Specialty, or other Security shall or shall not be deemed at Law to have been satisfied by the Payment of the Debt or Performance of the Duty, and such Person shall be entitled to...