New York Court of Appeals
Chemical Bank v. Sandy Sepler
November 29, 198360 N.Y.2d 289
Summary
The Court affirmed the Appellate Division, holding that the personal guarantees executed by the appellants were continuing guarantees that survive repayment of the original loans and apply to obligations later acquired by the bank through assignment. The guarantees terminate only by written notice, and lack of further consideration or a change in the business relationship does not defeat enforcement, nor does an equitable argument.