Greene v. Bank of Upson

Undercofler, Justice.

The question here is whether the bank’s failure to file a financing statement impaired the collateral so as to discharge the appellant who was an endorser and guarantor of the obligation. This appeal is from the grant of the bank’s motion for summary judgment. Held:

Code Ann. § 109A-3 — 606 (1, b) provides: "The holder discharges any party to the instrument to the extent that without such party’s consent, the holder . . . (b) unjustifiably impairs any collateral for the instrument given by or on behalf of the party or any person against whom he has right of recourse.”

The…