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The case was tried before the court, without a jury, and judgment was rendered in favor of the defendants, except Pierce and the association. (6) That the association on the 12th day of October, 1895, had made a conveyance to a trustee of all its property to secure its creditors, and that, upon a suit brought by plaintiffs, such conveyance had been adjudged to be a deed of assignment for the benefit of all creditors, and that the estate was being administered for their benefit that by such action plaintiffs became accepting creditors, and are thereby debarred from prosecuting the suit until such estate shall have been fully administered. (5) That the instrument was void and without consideration, for that it was made upon condition that plaintiffs would extend further credit and grant indulgence to the association on a debt which it owed them, and that plaintiffs had never accepted the guaranty upon such condition, and had not notified them of its acceptance.
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(4) That plaintiffs had refused to accept the guaranty so signed, and demanded that defendants sign it in their individual capacity, so as to make them personally liable, which they refused to do.
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(3) That they so signed upon this express stipulation, and on condition that Pierce sign as manager of the corporation, which he did, they signing thereafter as board of *ĭirectors and that at the instance and contrivance of plaintiffs, the instrument had been altered by the erasure of the word "manager" affixed to Pierce's name. Pierce, the agent of plaintiffs that plaintiffs desired them to do so only to more securely bind the association, and not to make them personally liable. (2) That they were induced to sign the instrument, in the manner shown, by the representation of T.W. The other defendants by their answer set up as defenses: (1) That, with plaintiffs' knowledge and at their instance, they executed the guaranty in their collective capacity, as board of directors of the association, and not as individuals, and that their intention and purpose was not to bind themselves individually, but to more securely bind the association and its property, and that the instrument was that of the association and not of themselves. The association and Pierce defaulted, and judgment was rendered against them. We further agree that without notice to us, said indebtedness or any part thereof may be changed in form and terms of payment as often as may be agreed on by you with the said Luling Co-Operative Association and the same shall still be covered by this guaranty, and that no change of partners, whether by retirement or coming into your firm or in that of the said Luling Co-Operative Association, shall affect this guaranty, but the same shall hold good and be for the benefit of your firm, notwithstanding such changes, and until we notify you of our purpose to be no longer held as guarantors. "GENTS - We hereby agree as guarantors to be responsible and liable to pay you, at your office in Galveston, Texas, any and all indebtedness now or hereafter owing to you by the Luling Co-Operative Association of Luling, Texas, whether upon open account or otherwise, secured or unsecured, principal and interest, with the interest thereon at the rate of 8 per cent per annum from this date. This action was begun on the 16th day of November, 1895, by appellants against the association, a private corporation, upon two promissory notes of date March 29, 1895, one for $536.87, due October 15, 1895, and one for $536.88, due November 10, 1895, both bearing 8 per cent interest from maturity, and stipulating for the payment of 10 per cent additional as attorneys' fees, in case they were placed in the hands of attorneys for collection, and against the other appellees individually, as guarantors upon the following instrument: