JUDGMENT - M.S. DESHPANDE, J.:---This appeal by the original plaintiff is directed against the decree dismissing the claim insofar as it was made against the defendant No. 3 who is alleged to have been a guarantor for the payment of the loan advanced by the plaintiff to the defendants Nos. 1 and 2, a decree having been passed against the defendants Nos. 1 and 2 in the sum of Rs. 60,221.95 with interest at the rate of 17 per cent per annum from 18th of March, 1980. The case of the plaintiff was that a loan of Rs. 37,000/- was advanced to the defendants Nos. 1 and 2 on August 29, 1977 for the purpose of purchasing one Tempo Matador Diesel Van to be utilized in their business and a cash credit limit up to Rs. 7,500/- was also granted. On August 29, 1977 the defendants Nos. 1 and 2 executed a promissory note and a hypothecation bond against the amount of Rs. 37,500/- paid in cash. The third defendant in consideration of the plaintiff having agreed to grant accommodation to the first and second defendants, executed a letter of guarantee on September 14, 1977 binding himself to the extent of Rs. 45,000/- and interest on such amount. Since no repayments were made the plaintiff claimed Rs

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