First National Bank of Cushing v. Security Mutual Casualty Co.

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• “A guaranty of payment is an absolute promise by the guarantor to pay the debt at maturity if it is not paid by the principal debtor.”
• In a guaranty of payment, “[t]he obligation of the guarantor is separate and independent from the obligation of the principal debtor, and the creditor’s cause of action against the guarantor ripens immediately upon failure of the principal debtor to pay the debt at maturity.”

Source: CourtListener parenthetical corpus (CC0).