Michael and Charlotte Carmichael executed a promissory note on November 14, 1978 to the plaintiff in the sum of $20,500. The note provided that it was to mature on February 13, 1979. The defendant executed a guarantee of payment of the note. By letter dated March 14, 1979, the manager of plaintiff's branch office notified defendant that the note would be renewed for an additional 90 days if defendant agreed to continue its guarantee. When defendant refused to renew the guarantee...
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