Ray E. Green v. Surf Club

This case involves the validity of an agreement of guaranty executed to secure a $175,000.00 note, with interest at 4% on one-half of the principal and 8% on the other half. The appellant filed its complaint seeking to collect upon such guaranty, which complaint was met by an answer raising, among others, the following defenses: conditional delivery; alteration without consent of the original obligation by increasing the interest rate; negligence on part of the bank in failing to secure the collateral, failure of the bank to notify the guarantor of loss of the collateral, and failure of condition upon which the guaranty was delivered, to wit: participation as a guarantor by the Small Business Administration, a Federal Agency. Thereafter, the cause was tried non-jury and resulted in a final judgment in favor of the appellee, which is brought on here for review. The appellant has preserved as its only point the sufficiency of the evidence to support the judgment for the defendant.