Allen Sales & Servicenter, Inc. v. Ryan

OPINION

MASSEY, Chief Justice.

Allen Sales and Servicenter, Inc. made to Shelton Ryan and Wayne Ryan a note in the principal amount of $10,000.00, payable in five successive annual installments of $2,000.00 each, plus accrued interest on the unpaid principal balance, on June 1st of each year, the first installment to be paid June 1, 1972. This note was guaranteed by N. R. Allen, individually, as to “the full payment of the within note, and all sums falling due thereunder, in accordance with the terms and provisions thereof.”

There had been no demand for payment and no installment payment made on…