Hayes

Suit on a contract of guaranty was brought by appellant, Ladd & Bush, an Oregon banking corporation, against appellee, Hayes, a citizen and resident of California. The cause was tried without a jury arid judgment given in appellee’s favor.

The contract, signed by appellee on April 14, 1930, is as follows:

The suit was filed November 14, 1936. The complaint was later amended. The amended pleading alleges that while the contract was in force the principal debtor, Herrold, executed two notes payable to appellant bank. The first, dated May 13, 1932, and due five months thereafter, was-in the sum of $24,470.49, with interest at 8%. A payment of $10,907.80 was made on this note by Herrold on December 3, 1932. The second note was for $6,298.95, with interest at like rate. It was dated November 25, 1932 and was due on demand. Judgment was prayed for the amount of the unpaid balance of these notes in the sum of $19,861.64.

The answer set up the defenses (1) that the delivery of the guaranty was subject to a condition which never occurred; (2) that there was no consideration to support the guaranty; (3) that no binding contract of guaranty was made for the reason that no notice of…