Developers Small Business Investment Corp. v. Hoeckle

JAMES M. CARTER, Circuit Judge.

This appeal involves an action on a guaranty executed by the appellees individually, (hereafter “Appellees”). This action was grounded for jurisdiction on diversity of citizenship under 28 U.S.C. § 1332. This court’s jurisdiction rests on 28 U.S.C. § 1291.

Two questions are involved, (1) whether the law of New Jersey or California applies, and (2) whether under applicable law, the holder of a guaranty may enforce its obligation by an action on the guaranty without first exhausting its security under a deed of trust secured by a separate note also held by the…