What is the effect of a joint and several promissory note?
Saskatchewan, Canada
The following excerpt is from Robert Bell Engine & Threshing Co. Ltd. v. Topolo, 1916 CanLII 227 (SK CA):
In Yates v. Evans, 61 L.J. Q.B. 446, the document was in the form of a joint and several promissory note by a principal debtor and a surety for £5, payable by instalments, with the provison that, in case of default in payment of any one of the instalments, the whole amount remaining unpaid should become due, and concluded with the following clause, namely:— “Time may be given to either without the consent of the other and without prejudice to the rights of the holders to proceed against either party, notwithstanding time may be given to another.”
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