Bank of America National Trust & Savings Ass'n v. Oil Well Supply Co.

The predecessors in interest of the plaintiff and respondent lent the Lakeview Oil and Refining Company the sum of $140,000, secured by a note in the usual form, executed by said Lakeview Oil Company. On the same date, and in connection with said loan, and as a part of the same transaction, appellant guaranteed the payment of a portion of said loan in the sum of $15,148, less 10.82 per cent on any amount paid on account by the maker of the note, pursuant to a collateral agreement entered into between the maker and the bank and approved by the guarantors, by the terms of which agreement the…