North Park Bank of Commerce v. Nichols

HALL, Chief Justice:

Defendant Joseph H. Bottum appeals a judgment holding him jointly liable with defendant Donald G. Nichols for the balance due on a total of three promissory notes signed by Nichols.

Nichols borrowed $40,000 from plaintiff North Park Bank of Commerce on December 15, 1976, executing a promissory note and pledging 130,000 shares of Ametek stock as collateral. As additional security, appellant Bottum signed an agreement promising to personally guarantee payment of the loan. On January 7, 1977, plaintiff loaned Nichols an additional $5,000 without obtaining further security.

Nicho…