Natl. Bank of Eastern Ark. v. Collins

There seem to be only two real questions upon the bank’s appeal.

First, was the obligation of the guarantors more extensive than that of the principal debtors? I think it was. The preamble to the guaranty agreement recites that “the undersigned [guarantors] are desirous of guaranteeing the Bank against loss as a result of such indebtedness.” Paragraph 4 compels the bank to give the guarantors ten days notice before filing a foreclosure suit. If the existing default is not made good within that time, and it becomes necessary for the Bank to foreclose, the guarantors make themselves liable for…