BANK OF AMERICA v. CRAIG

Docket No. 19519.

193 Cal.App.2d 281 (1961)

14 Cal. Rptr. 476

BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION (a National Banking Association), Respondent, v. HOMER T. CRAIG et al., Appellants.

Court of Appeals of California, First District, Division One.

June 23, 1961.


Attorney(s) appearing for the Case

Lewis F. Sherman and Sherman, Coward & MacDonald for Appellants.

Samuel B. Stewart, Theodore Sachsman and Eldon C. Parr for Respondent.


TOBRINER, J.

The trial court in this case reformed a continuing guaranty to respondent bank for payment of a named corporation's "indebtedness," which the instrument defined as liabilities of the corporation "heretofore, now, or hereafter made, incurred or created," which "shall not exceed at any one time the sum of" $20,000. The court found that the parties intended the guarantee to apply only to the overdraft of the corporation contemplated when the parties executed...

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