VALLEY NATIONAL BANK OF ARIZ. v. Foreign Car Rental

Opinion by

Mr. Justice Day.

We will refer to the plaintiff in error as the Bank; to the defendant in error corporation as Car Rental, and to the individual defendants in error as Murphy and Lowell.

The Bank instituted action against Car Rental for $40,000.00 plus interest because of default in the payment of a promissory note in that amount. Murphy and Lowell were made defendants, and judgment was sought against each of them in the amount of $10,000.00 on asserted liability on a “continuing Guaranty” each had executed to enable Car Rental to obtain a line of credit at the Bank.

A trial was had to…