On March 17, 2023, the Fourth Department issued a decision in Counsel Fin. II LLC v. Bortnick, 2023 NY Slip Op. 01441, holding that a suit on a guaranty could not be made under CPLR 3213 because extrinsic evidence was needed to show the amount owed . . . Continue reading Suit on Guaranty Could Not be Made Under CPLR 3213 Because Extrinsic Evidence Needed to Show Amount Owed
On March 14, 2023, the First Department issued a decision in Atlantic Specialty Ins. Co. v. Landmark Unlimited, Inc., 2023 NY Slip Op. 01253, holding that a surety was entitled to a mandatory injunction requiring indemnitors to provide collateral . . . Continue reading Surety Entitled to Mandatory Injunction Requiring Indemnitors to Provide Collateral
On October 16, 2022, Justice Masley of the New York County Commercial Division issued a decision in Rosenthal & Rosenthal, Inc. v. Lederman, 2022 NY Slip Op. 33550(U), rejecting defenses to an unconditional guaranty . . . Continue reading Court Rejects Defenses to Liability on Unconditional Guaranty
On November 23, 2021, the First Department issued a decision in Harry Spring Consulting LLC v. Esterson, 2021 NY Slip Op. 06543, holding that when a guarantor buys the debt it guaranteed, an action to collect from the co-guarantors is one for contribution, not enforcement of the guaranty . . . Continue reading When Guarantor Buys Underlying Debt, Any Action to Collect from Co-Guarantors Is one for Contribution, not Enforcement of the Guaranty
