Schmuckie v. Alvey

I respectfully dissent because the plain meaning of the words “any party” controls.

The question is whether under any circumstances a comaker of a note can avail himself of the defense of unjustifiable impairment of collateral under KRS 355.3-606(l)(b) in order to relieve him of his un*36derlying obligation to the holder of the note.

The Alveys conveyed real property to James M. Schmuckie, Sr. and Gretchen Schmuckie, his wife, and Joseph Sostarich and Doris Sostarich, his wife by deed dated November 1, 1977. On that same date the grantees gave the Alveys a First Lien Note. This note read in part,…