Response or Comment
Several persons jointly and severally guaranteed to a bank the present and future obligations of a customer, stipulating that "the bank may grant extensions without lessening the liability" of the guarantors, that "this shall be a continuing guaranty, and shall cover all the liabilities which the customer may incur or come under until the undersigned, or the executors or administrators of the undersigned, shall have given the bank notice in writing to make no further advances on the security of this guaranty," and that "this guaranty shall not be affected by the death of the undersigned." One of the guarantors died and his executor wrote a letter "revoking the guaranty." Thereafter, the bank took renewals of the obligations then current and made fresh advances. What are the rights of the bank against the surviving guarantors and the executor of the deceased?
Durfee, Edgar N. "Termination of a Continuing Guaranty." Mich. L. Rev. 17 (1919): 416-8.