Carl E. Crimmins, Petitioner v. James M. Lowry, Respondent

Summary

The Texas Supreme Court held that a comaker on a promissory note is an "any party" under Tex. Bus. & Comm. Code §3.606(a)(2) and may assert the impairment of collateral defense, but only to the extent of his right of recourse. Accordingly, Lowry was discharged only for the portion of the debt for which he was a surety, and the trial court's judgment for the remaining balance was affirmed. Justice Ray concurred, noting that Lowry could have raised a separate accommodation‑party argument under §3.415(c) but was barred from doing so.