Buckley v. Guilbert

This is a suit by a guarantor against his principal for reimbursement of the amount which the guarantor was required to pay. In October 1959, appellee Guilbert sold a 1960 automobile to Charles P. Buckley, brother of appellant Travis Buckley. It was a conditional sale contract, with title retained in the vendor. With the buyer’s knowledge, and as a part of the contract, Guilbert assigned it to General Motors Acceptance Corporation (GMAC), with recourse, expressly guaranteed payment of the full amount remaining unpaid, and covenanted “if default be made in payment of any installment therein,…