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MARINE MIDLAND BANK v. SURFBELT, INC.

No. 82-5605.

718 F.2d 611 (1983)

MARINE MIDLAND BANK, Appellee, v. SURFBELT, INC., Techni/Lease Financial, Inc. and John H. Miller, and McKeesport National Bank and Pittsburgh National Bank, Garnishees. Appeal of John H. MILLER.

United States Court of Appeals, Third Circuit.

Decided October 11, 1983.

Attorney(s) appearing for the Case

Charles P. Falk (argued), Baskin & Sears, P.C., Pittsburgh, Pa., for appellee.

Robert O. Lampl, Edward A. Olds (argued), Pittsburgh, Pa., for appellants.

Before ADAMS and BECKER, Circuit Judges, and DEBEVOISE, District Judge.

BECKER, Circuit Judge.

This diversity action requires us to determine the circumstances under which a guarantor may invoke the protections of Pennsylvania's Deficiency Judgment Act, 42 Pa.Cons.Stat.Ann. § 8103 (1982) (the "Act".) Specifically, the question presented is whether a guarantor can successfully invoke the Act where the creditor, after having foreclosed on a mortgage put up by the stockholders of the principal debtor to obtain a delay of the creditor...

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