Business, 19.11.2019 19:31 eazywalters

Timothy martinez, owner of koenig & vits, inc. ("k& v"), guaranteed k& v’s debt to community bank & trust. the guaranty stated that the bank was not required to seek payment of the debt from any other source before enforcing the guaranty; k& v defaulted. through a wisconsin state court, the bank sought payment of $536,739.40, plus interest, at the contract rate of 7.5 percent, from martinez. martinez argued that the bank could not enforce his guaranty while other funds were available to satisfy k& v’s debt. for example, the debt might be paid out of the proceeds of a sale of corporate assets. is this an effective defense to a guaranty? why or why not?

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Timothy martinez, owner of koenig & vits, inc. ("k& v"), guaranteed k& v’s debt to comm...

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