Rogers v. Merchants & Planters Bank

I agree that under Ark. Stat. Ann. § 4-3-118(f) (1987) a bank may not unilaterally extend payment of a promissory note more than once, or for a period longer than the original note, without releasing an accommodation maker. However, § 118(f) is prefaced by the words “unless otherwise specified” and where, as here, there are five successive extensions, each for a period of six months, the second and fourth of which are approved in writing by the accommodation maker, I believe the parties have substituted a period of time other than specified in the original note and in that circumstance a…