Plaintiff bank commenced this action for breach of contract based upon the personal guarantees of the individual defendants, Cohen and Goldstein. These defendants, who are officers of the corporate defendant, LAC Industries, Ltd. (LAC), personally guaranteed the liabilities of the corporation in a document entitling "Guaranty of All Liabilities and Security Agreement." The individual defendants each executed this agreement on January 6, 1975. Thereafter, on August 6, 1976...
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