Riverside National Bank v. Manolakis

OPALA, Justice:

The issues to be resolved on appeal are: [1] Do the provisions of 12 O.S.1971 § 686, 1 by which (upon creditor’s failure to seek deficiency judgment within 90 days after foreclosure sale) the principal debtor’s liability may be deemed terminated by fictional satisfaction of the mortgage debt, afford every guarantor the very same legal protection as that which is extended to the debt- or? [2] If not, does the discharge of the principal debt and debtor by operation of § 686 operate, by force of law, ipso facto to exonerate the guarantor from his collateral obligation on the…