Keystone Bank v. Flooring Specialists, Inc.

OPINION

NIX, Chief Justice.

The issue in this appeal is whether the appellants, who were two of four co-guarantors on a negotiable promissory note, were discharged from their obligations because the creditor had released from the effect of its judgment lien certain property belonging to the other guarantors. 1

In the years 1965 and 1966 the Keystone Bank of Pittsburgh (“Keystone”) made various business loans to The Flooring Specialists, Inc. (“Flooring Specialists”), a corporation wholly owned by a Philip E. McCosby and his wife. During that period Mr. McCosby was president of the corporation;…