Liebke v. Thomas - 116 U.S. 605 (1886)
U.S. Supreme Court
Liebke v. Thomas, 116 U.S. 605 (1886)
Liebke v. Thomas
Submitted January 8, 1886
Decided February 1, 1886
116 U.S. 605
Notice given to the holder and owner of an accommodation note, under § 17 of the Act of June 22, 1874, of composition proceedings in bankruptcy by or against the payee and endorser for whose accommodation the note was
given, is notice of the original bankruptcy proceedings to the accommodation maker, and notice that the payee may be discharged thereby.
A lawful composition with creditors under § 17 of the act of June 22, 1874, and its performance by the party, has the effect of a discharge in bankruptcy.
This was an action by the maker of an accommodation note against the payee for whose accommodation it was made. Judgment for plaintiff below, which this writ of error was sued out to review.