U.S. Supreme Court
McLemore v. Powell, 25 U.S. 554 (1827)
McLemore v. Powell
25 U.S. 554
An agreement between the creditor and principal debtor for delay or otherwise changing the nature of the contract to the prejudice of the surety in order to discharge the latter must be an agreement having a sufficient consideration and binding in law upon the parties.
A mere agreement by the holder of a bill with the drawer for delay, without any consideration for it and without any communication with or assent of the endorser, will not discharge the latter after he has been fixed in his responsibility by the refusal of the drawee and due notice to himself.
Question as to the right of the endorser to require the holder to commence a suit against the principal. chanroblesvirtualawlibrary