Moody and three other people bought a business together and executed promissory notes for $8.17 million to be repaid on a certain schedule. For his contribution, Moody owned 20 percent of the business; the other three owned the other 80 percent of the business.
Moody was unable to make several payments on schedule. The other owners covered the payments he was supposed to make so that the notes would not go into default. Moody was sued by the other three for his contribution.
He asserted that he was the same as a surety.
Since they made the payments that were due, he was no longer obligated on those payments.
Is that correct? [Krumme v. Moody, 910 P.2d 993, Sup. Ct., Ok. (1996)]