Page:Federal Reporter, 1st Series, Volume 1.djvu/180

 172 FEDERAL REPORTER. �relieving the corporation from ail liability in respect to them. Practically, then, these notes, it seems to me, became of the nature of accommodation paper, as to which the bankrupts vieie first bound to see them paid, and as to which the corpo- ration stood in the attitude of sureties. �If the bankrupts had continued solvent and paid the notes, the corporation would have had no claim against them except, perhaps, for a possible damage arising out of the increased price they might bave have had to pay to replace the sugars ; but no such element of damage is suggested as having actually occurred, so that by paying the notes the bankrupts would have satisfied the whole claim against them. �If the corporation had continued solvent after the bankrupts f ailed it would have had to pay their notes to the holders, and having paid them one of two courses would havo been open to it. It could bave proved a claim against the bankrupts' estate for the value of the undelivered sugars, or, if the notes are treated as accomodation paper, it could have proved the notes; but it could not do both. It could not possibly be aUowed to prove against the bankrupts for both the value of the sugars and for the notes. �The corporation having failed before the maturity of the notes it did not pay them, and it does not, itself, prove them against the bankrupts, but the holders do ; and to allow the c'.alm now presented would, it appears to me, be allowing the same debt to be twice proved against the bankrupts, namely, once by the holders of the notes, and a second time by the corportiaon in their claim for the undelivered sugars. �With regard to the law applicable to this case it is further to be observed that if obligations are proved in full against the estate of the party primarily liable they cannot be proved again by the sm-ety, even for the amount he or his estate bas been obliged to pay. But if they are not proved in full, but before proof the amount received by the holder from the estate of the surety is first credited, then the surety is entitled to prove for the amount he bas paid. �In this case the holders of ail the notes, having receired ��� �