The Jagger Iron Company, Appellant v. Henry H. Walker, Respondent

Summary

The Court affirmed the lower court's judgment, holding that a debtor's note given for an existing indebtedness does not merge or extinguish the original debt but merely extends the time for payment, and that successive renewal notes likewise do not satisfy the debt; consequently, the stockholder was not liable because the action was not brought within one year after the debt became due under the General Manufacturing Act.