In Continental Bank & Trust Co. v. Chemical Bank & Trust Co. (51 NYS2d 903, affd 268 App Div 858, rearg denied 268 App Div 965), the Court was faced with the death of a guarantor of a mortgage and a contractual provision in the guaranty that if the mortgagor defaulted, the guarantor could be sued without first requiring the mortgagee to foreclose on its collateral. The Court held that the mortgagee should look first to the property and to foreclose on its collateral instead of looking to the estate of the guarantor.