Mortgage Guarantee Co. v. Chotiner

On August 26, 1927, the Chotiner Building Corporation executed a negotiable promissory note for $70,000 payable to the Fidelity Savings & Loan Association. The note was secured by a deed of trust of real property. At the same time the defendants Albert H. Chotiner, Albert J. Chotiner and Gertrude Chotiner executed a written contract of guaranty on the back of the note, which read:

“For value received, I guarantee payment of the within note, with interest, in accordance with its terms. I waive demand, or notice of non-payment, and I authorize extensions without notice.

“If suit is brought to…