Lompoc Valley Bank v. Stephenson

June 10, 1905, the plaintiff loaned to one Hobson the full sum of twenty-eight hundred dollars, for which he executed his promissory note payable September 1, 1906. At the same time and place that the loan was made, and before the delivery of the note to plaintiff, the defendants signed the following guaranty indorsed thereon: “The payment of the within note and interest is hereby guaranteed. Dated June 10th 1905.” Part only of the loan has been repaid, and this is an action in the usual form against the guarantors to recover the unpaid balance. In defense of the action the defendants pleaded…