National Bank v. Olson

Defendant, Clair W. Olson (Clair), a guarantor on the notes o his son, codefendant Stephen Olson (Stephen) (not a party to tMs appeal), appeals from the judgment of the circuit court of Mercer County finding him liable on the guaranty. We affirm.

In December 1974, Stephen borrowed $90,000 from plaintiff National Bank of Aledo (the bank), signing two promissory notes. At the same time, Clair executed a guaranty of payment of all of Stephen’s debts. The guaranty was limited to $200,000. Stephen’s borrowing increased, and the debts grew, exceeding $200,000. In December 1980, Clair paid $100,000…