Appliance Buyers Credit Corp. v. Upton

This is an action, tried to the court, for alleged breach of an agreement in the nature of a continuing guaranty contract. From an adverse judgment, defendants appeal.

At all times concerned, plaintiff (respondent) operated an appliance dealer finance agency and defendants (appellants) owned an electrical appliance retail store. On October 18, 1957, the plaintiff and defendants entered into a contract whereby plaintiff would purchase defendants’ commercial paper evidencing retail credit sales of appliances. By the terms of this contract, defendants were obligated to repurchase, on demand,…