Senior Corp. v. Perine

The plaintiff appeals from a summary judgment in favor of the defendant. The plaintiff alleged that the defendant was indebted to it under the terms of a written guaranty. The defendant had promised to pay up to $1,000,000 upon any default in the payment of principal and interest on a note of the maker, Southern Mountain Properties, Inc. (not a party here). After the proceeds of a real estate mortgage foreclosure sale had been applied to the original indebtedness, a deficiency in excess of $1,000,000 remained on the loan obligation. The defendant asserted that the plaintiffs failure to comply…