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BURLINGTON INDUSTRIES, INC. v. FOIL

No. 43.

202 S.E.2d 591 (1974)

284 N.C. 740

BURLINGTON INDUSTRIES, INC. v. Martin B. FOIL, Jr., et al.

Supreme Court of North Carolina.

February 25, 1974.

Attorney(s) appearing for the Case

Sanford, Cannon, Adams & McCullough by E. D. Gaskins, Jr., Robert W. Spearman, and J. Allen Adams, Raleigh, for plaintiff appellant.

Williams, Willeford & Boger by John Hugh Williams, Concord, Jordan, Wright, Nichols, Caffrey & Hill by Lindsay R. Davis, Jr., and Charles E. Nichols, Greensboro, for defendants appellees.

MOORE, Justice.

Plaintiff first alleges that defendant Foil personally guaranteed Colonial's account and that credit was extended to Colonial in reliance on Foil's personal guaranty.

"A guaranty of payment is an absolute promise by the guarantor to pay a debt at maturity if it is not paid by the principal debtor. This obligation is separate and independent of the obligation of the principal debtor, and the creditor's cause of action against the guarantor ripens...

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