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KANE v. CITIZENS FIDELITY BANK AND TRUST

668 S.W.2d 564 (1984)

Maurice KANE and David D. Massie, Appellants/Cross-Appellees, v. CITIZENS FIDELITY BANK AND TRUST COMPANY, Appellee/Cross-Appellant.

Court of Appeals of Kentucky.

Rehearing Denied May 4, 1984.

Attorney(s) appearing for the Case

Fred M. Goldberg, James S. Goldberg, Edward L. Schoenbaechler, Goldberg & Simpson, P.S.C., Louisville, for appellant/cross-appellee, Massie.

Raymond J. Naber, Jr., Louisville, for appellant/cross-appellee Kane.

Richard Frockt, Lester I. Adams, Jr., Barnett & Alagia, Louisville, for appellee/cross-appellant.

Before COOPER, DUNN and HOWERTON, JJ.

HOWERTON, Judge.

Kane and Massie appeal from a judgment of the Jefferson Circuit Court holding them jointly and severally liable to Citizens Fidelity Bank and Trust Company for $164,165.63, plus interest. They argue that the judgment is erroneous because they are entitled to the defense of "impaired collateral" under KRS 355.3-606, which would discharge their liability as sureties on a note. They also argue that equitable principles preclude the bank from asserting...

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