Schuyler State Bank v. Cech

In the “Second Cause of Action” of its petition, Schuyler State Bank alleged that Schuyler Farm Supply, Inc. (Farm Supply), gave the bank five promissory notes in the aggregate principal of $1,228,531 and that, after credit for payments, principal of $1,130,318 was unpaid on Farm Supply’s notes. The bank also alleged other advances of $167,993 to Farm Supply, none of which had been repaid. The total principal of Farm Supply’s indebtedness was $1,298,311. Theofil J. Cech had given his unconditional guaranties for Farm Supply’s debts to the bank. On the basis of those guaranties, the bank…