Federal Deposit Insurance v. Moore

OPINION

FRANCHINI, Justice.

Richard and Paulette Moore appeal from a grant of summary judgment against them and in favor of the FDIC. The Moores guaranteed a loan made by New Mexico National Bank to High Country Ceramics, Inc. (“the Corporation”). The FDIC is the liquidator of the Bank, which became insolvent in July, 1986. Because it is undisputed that the Moores revoked the guaranty and that the Bank then materially altered the terms of the note in contravention of the Moores’ instructions, we conclude that the Moores must be discharged from their liability as guarantors. Accordingly, we…