Legal Subject: Promissory note

Case Date Legal Subject Abstract
Miliken v. Interlocutor 1802 Co-deudor, Dissolution, Debt, Promissory note In 1790, the pursuer lent some money to Love, Davidson, and Co. The debt was secured with a promissory note, which the pursuer had intended to be effective. Around 1792, two of the four shareholders, Andrew Crawford and John Love Senior, decided to transfer their interest in the company. In return of the transfer, the other shareholders agreed to pay all the debts of the company by February 1795. However, Love, Davidson and Co. was dissolved in 1794 and the pursuer had not received his payment by that time. The pursuer brought an action to alter the interlocutor with regards to the company insolvency and debts with the purpose to hold liable the retired shareholders of the promissory note, since he lent his money trusting that his debt was secured by all the shareholders as co-obligants.