Opinion ID: 2380920
Heading Depth: 1
Heading Rank: 3

Heading: The Kreth guaranty agreement.

Text: ¶ 10 The original guaranty agreements signed by Kreth and Vallion on February 15, 2000 provide in pertinent part: ... GUARANTOR'S WAIVERS ... Guarantor waives any and all rights or defenses arising by reason of ... (d) any defense given to guarantors at law or in equity other than actual payment and performance of the indebtedness.... Guarantor further waives and agrees not to assert or claim at any time any deductions to the amount guaranteed under this Guaranty for any claim of setoff, counterclaim, counter demand, recoupment or similar right, whether such claim, demand or right may be asserted by the Borrower, the Guarantor, or both.... [26] [Emphasis supplied.] ¶ 11 Specialty and Kreth assert that the guaranty agreement's failure to contain specific references to the waiver of protections contained in the statutes governing guaranty agreements, i.e. 12 O.S.2001 § 686 [27] and 15 O.S.2001 §§ 334 [28] and 341, [29] entitles Kreth to a setoff in the amount of the judicially determined fair and reasonable value of the property. We disagree. ¶ 12 The guaranty agreement Kreth executed specifically provides that, as guarantor, Kreth waived any and all [30] defenses at law or in equity other than actual payment. The only actual payment here was the purchase price of $750,000.00. Further, Kreth agreed not to assert or claim, at any time, any deductions to the amount guaranteed under the agreement for any claim of setoff. ¶ 13 The plain, clear, unmistakable, unambiguous, and unequivocal language of the Kreth guaranty agreement waived any and all rights of any setoff to the guarantors' debts other than actual payment. That being the case, Kreth is not entitled to a reduction in his obligation to Chase in the amount of $1,500,000.00, the judicially determined fair and reasonable market value of the property.