COMMERCIAL CREDIT EQUIPMENT CORPORATION v. Southeastern Uni-Loader, Inc.

Evans, Judge.

Southeastern Uni-Loader, Inc. sold certain equipment to Roy Calvin Reeves, taking his note therefor. Southeastern then took Reeves’ note to Commercial Credit Equipment Corp. for the purpose of discounting the note, and as a part of the transaction, Southeastern signed a written contract, among other things showing the transfer of note was with recourse and also contained the following language: "We agree . . . that CCEC may, without notice to us and without releasing our liability hereunder, grant extensions of time of payment of said contract. . .”

Reeves defaulted in payment,…