Straub v. Chemical Bank

WHITE, Judge.

This appeal is taken from an Order of the Jefferson Circuit Court by which a deficiency and a judgment were established against appellants-guarantors.

In 1972 American National Investments executed to Chemical Bank a mortgage note of $512,000 for which eleven payments of $10,000 principal (plus applicable interest) were due quarterly prior to a final lump-sum payment of the balance. Appellants Warner, Zumbiel, and Straub entered into an agreement by which they guaranteed all monies due and payable under the mortgage during 1973.

In 1974 in the face of foreclosure the property was…