Guardian Depositors Corp. v. Currie

This is an action to collect on a guaranty of an obligation of the Grosse Pointe Yacht Club. The facts are not in dispute. On January 9, 1928, defendant Dr. Benaud together with several other persons signed an instrument guaranteeing the payment of the principal and interest of a certain note or notes of the aggregate amount of not to exceed $250,000 made or to be made by the Grosse Pointe Yacht Club to the Griswold-First State Bank. Dr. Benaud’s liability on this guaranty was limited to $10,000. He has been credited with $6,942.48 on the principal of his guaranty leaving $3,057.52 as the…