Fegley v. Jennings

Citations

• 44 Fla. 203

Syllabus

<p>GUARANTY—DEFENSES BY UNCONDITIONAL GUARANTOR.</p> <p>Where a party assigns and transfers a promissory note for value, and “guarantees its prompt payment at maturity,” such guaranty is an unconditional promise on his own account to pay a sum certain at a definite' time. In a suit upon such a guaranty, presentation of the note to the maker when due, request- of him to pay, and notice to the guarantor of dishonor need not be alleged; nor is the guarantee at law under any legal obligation to first resort to the maker of the note guaranteed, or to any securities held for its payment; and the failure of the assignee of such note to present it when due to the maker for payment, or to give notice to the guarantor of its dishonor, ■or to resort to foreclosure poceedings of a motgage given to secure such note, furnish no defense to such guarantor in a suit upon his unconditional gauranty thereof; and a demurrer to a plea setting up such defenses by the guarantor should be sustained. If the guarantor in such a casé desires immediate resort to the mortgage security held for such note, his remedy is to pay the note according to his contract of guaranty, and then himself enforce the mortgage security to which he would be subrogated.</p>