Chittenden Trust Co. v. Levitt

In 1981 the plaintiff, a Vermont bank, brought this collection action against the defendant as guarantor of a note of Redrock Properties, Inc. The bank alleged that the amount due on the note was $340,000. The defendant acknowledged that he had signed the guaranty but denied that there was consideration for his signature. He also counterclaimed, alleging that the bank had assured him subsequent to the signing of the guaranty that the bank would not proceed against him because it had worked out satisfactory arrangements for pay ment with one Charles L. Shumway, also a guarantor, and that he…