Becker v. Faber

Appeal by plaintiffs, holders of a bond and mortgage, from so much of a judgment as denies to them a deficiency judgment, if any there be after sale of the mortgaged premises, against the executors under the will of John A. Kolle, deceased, who had guaranteed the indebtedness. The Special Term has found that plaintiffs and the mortgagor modified the original agreement by reducing the interest rate and by accepting installment payments not provided in the agreement, and that the surety was discharged when the agreement, the terms of which he guaranteed, was modified. A guarantor or surety is…