Austin v. Perry

BEER, Judge.

On September 21, 1967, defendant-appel-lee, Jack Perry borrowed $150,000 from the Bank of New Orleans and Trust Company, (hereafter, BNO) and executed a promissory note, payable on demand, in that amount. Commensurate therewith, John F. Austin, Jr., plaintiff-appellant, executed a separate continuing guarantee agreement in favor of BNO.

Perry defaulted on the note and Austin was called by BNO under the continuing guarantee agreement. In response, Austin executed a promissory note in favor of BNO on August 6, 1970 in the amount of $150,000. BNO then endorsed Perry’s original note to…