[DOWNLOAD] "Schmuckie v. Alvey" by Supreme Court of Kentucky No. 87-SC-670-DG * Book PDF Kindle ePub Free
eBook details
- Title: Schmuckie v. Alvey
- Author : Supreme Court of Kentucky No. 87-SC-670-DG
- Release Date : January 06, 1988
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 58 KB
Description
Opinion OF THE COURT BY JUSTICE LAMBERT Upon motion of appellant Gretchen Schmuckie, this Court granted discretionary review. The precise issue before us is whether a maker1 of a promissory note may be discharged from liability as a result of the holder's impairment of collateral which secures payment of the instrument. Appellees, James N. Alvey and Mary E. Alvey, conveyed a parcel of improved real property to James M. Schmuckie and Gretchen Schmuckie, husband and wife, and Joseph Sostarich and Doris Sostarich, husband and wife, for the sum of $230,000. Contemporaneous with the conveyance and in partial payment of the purchase price, the Schmuckies and Sostariches executed a ""First Lien"" promissory note in favor of the Alveys for the sum of $165,000. In the deed, a vendor's lien was retained to secure payment of the unpaid purchase money.
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