Chrysler Credit Corp. v. Mitchell

. Order unanimously modified and, as modified, affirmed, without costs, in accordance with the following memorandum: Defendants appeal from an order granting plaintiff summary judgment in an action on a written guarantee of a debt. Defendants claim that they are not liable since the debt was secured by collateral, and the plaintiff seized and accepted the collateral in full satisfaction of the debt. An election to take the collateral in full satisfaction will not be implied; it must be made by written notice to the debtor (Flickinger Co. v 18 Genesee Corp., 71 AD2d 382, 385). Since no such…