Question: Timothy Martinez owner of Koenig Vits Inc K V
Timothy Martinez, owner of Koenig & Vits, Inc. (K& V), guaranteed K& V’s debt to Community Bank & Trust. The guaranty stated that the bank was not required to seek payment of the debt from any other source before enforcing the guaranty. K& V defaulted. Through a Wisconsin state court, the bank sought payment of $ 536,739.40, plus interest at the contract rate of 7.5 percent, from Martinez. Martinez argued that the bank could not enforce his guaranty while other funds were available to satisfy K& V’s debt. For example, the debt might be paid out of the proceeds of a sale of corporate assets. Is this an effective defense to a guaranty? Why or why not?
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