Estate of Morton B. Harper, Deceased, Michael A. Harper, Executor - Page 68




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               In assessing the import of this documentary evidence, we               
          must also be conscious of relevant provisions of State law.  Cal.           
          Civ. Code sec. 2787 (West 1993) defines “guarantor” for purpose             
          of the statutes relating to rights and obligations which arise              
          out of a guaranty relationship:                                             
                    The distinction between sureties and guarantors is                
               hereby abolished.  The terms and their derivatives,                    
               wherever used in this code or in any other statute or                  
               law of this State now in force or hereafter enacted,                   
               shall have the same meaning, hereinafter in this                       
               section defined.  A surety or guarantor is one who                     
               promises to answer for the debt, default, or                           
               miscarriage of another, or hypothecates property as                    
               security therefor. * * *                                               
               Against the foregoing backdrop, we first consider the                  
          existence of any guaranty by Mr. Marsh.  Clearly, Mr. Marsh and             
          the Harpers were under the impression that Mr. Marsh had executed           
          a personal guaranty on May 1, 1991.  However, to the extent that            
          the purported guaranty existed and was of the $450,000 note, we             
          conclude that it should be disregarded in the valuation process.            
          The $450,000 note on its face is an unrestricted personal                   
          obligation of “Jack P. Marsh”.  Accordingly, any personal                   
          guaranty thereof would fail to conform to the definition of a               
          guaranty under California law, would be no more than a redundant            
          second promise to pay personally, and would not appreciably                 
          enhance the value of the note.  Furthermore, to the extent that             
          the context provided by certain of the above letters could                  
          support an inference that Mr. Marsh’s alleged May 1, 1991,                  






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