Continental Bank v. Meyer

HILL, J.,

I. STATEMENT OF FACTS

In 1975, defendants, Herbert Meyer, president 8c sole shareholder of Oxford Jewelry Corporation (Oxford), and his wife Joan Meyer, executed an unlimited surety agreement securing loans made to Oxford by Continental Bank. Subsequently, Oxford experienced financial difficulty and in consideration of Continental’s continued support through January 31, 1981, the Meyers signed a letter agreement dated September 30,1980 which reaffirmed their obligations under the surety agreement and further stated that they would “not raise as a defense, claim, objection or demand,…