State Bank of Streeter v. Nester

LEVINE, Justice.

Boyd H. Williams appeals from a judgment against him for the unpaid balance on a promissory note which he cosigned. We affirm in part and reverse in part.

In March 1982 Duane Nester executed three renewal promissory notes to the State Bank of Streeter for three loans of $81,250.00, $50,750.00 and $18,750.00. Nester pledged the assets of his livestock feed and supply business as collateral for the loans. The Bank deemed this collateral insufficient security and required Nester to obtain a cosigner. Nester’s cosigner in the original transaction did not cosign the renewal notes.…