This section of the book is from the "Canadian Banking Practice" book, by John T. P. Knight.
Question 458.— A bank accepts a renewal of a joint and several note with one of the original names dropped, but retaining the original note. Further renewals of the same kind are afterwards taken. In the event of the bill being finally dishonoured, can the bank sue on the original bill ?
Answer.—The answer depends on the intention of the parties, which is a question of fact. The fact that the bank retained the original note undischarged suggests that the parties intended that the bank's rights upon it should remain, and if there were nothing to displace this the finding would probably be in this direction; but these questions of fact generally depend upon various surrounding circumstances, and each ease must be judged by itself.