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KEYSTONE BANK v. FLOORING SPEC., INC.

513 Pa. 103 (1986)

518 A.2d 1179

KEYSTONE BANK v. The FLOORING SPECIALISTS, INC., Philip E. McCosby and Virginia L. McCosby, his wife, and Anthony A. DeRubeis and Geraldine M. DeRubeis, his wife. Appeal of Anthony A. DeRUBEIS and Geraldine M. DeRubeis, his wife. Anthony A. DeRUBEIS and Geraldine M. DeRubeis, his wife, Appellants, v. Philip E. McCOSBY, Virginia L. McCosby, his wife, and Keystone Bank. Anthony A. DeRUBEIS and Geraldine M. DeRubeis, his wife, Appellants, v. Philip E. McCOSBY and Virginia L. McCosby, his wife. KEYSTONE BANK v. Anthony A. DeRUBEIS and Geraldine M. DeRubeis, his wife, Appellants.

Supreme Court of Pennsylvania.

Decided December 12, 1986.

Reargument Denied May 1, 1987.

Attorney(s) appearing for the Case

W. Thomas Laffey, Jr., Nernberg and Laffey, Pittsburgh, for appellants.

Richard Hosking, David R. Cohen, Kirkpatrick & Lockhart, Pittsburgh, for appellees.

Before NIX, C.J., and LARSEN, FLAHERTY, McDERMOTT, HUTCHINSON, ZAPPALA and PAPADAKOS, JJ.

OPINION

NIX, Chief Justice.

The issue in this appeal is whether the appellants, who were two of four co-guarantors on a negotiable promissory note, were discharged from their obligations because the creditor had released from the effect of its judgment lien certain property belonging to the other guarantors.1

In the years 1965 and 1966 the Keystone Bank of Pittsburgh ("Keystone...

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