Summary Judgment in lieu of Complaint Unavailable on Guaranty Requiring Non-Payment Performance

Summary Judgment in lieu of Complaint Unavailable on Guaranty Requiring Non-Payment Performance

On May 26, 2023, Justice Chan of the New York County Commercial Division issued a decision in Itria Ventures LLC v. Singh Oil Corp., 2023 NY Slip Op. 31809(U), holding that summary judgment in lieu of complaint was unavailable on a guaranty that required non-payment performance . . . Continue reading Summary Judgment in lieu of Complaint Unavailable on Guaranty Requiring Non-Payment Performance

Suit on Guaranty Could Not be Made Under CPLR 3213 Because Extrinsic Evidence Needed to Show Amount Owed

Suit on Guaranty Could Not be Made Under CPLR 3213 Because Extrinsic Evidence Needed to Show Amount Owed

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

Guaranty Made to Two Lenders Ambiguous Regarding Whether it Could be Enforced by Only One Lender

Guaranty Made to Two Lenders Ambiguous Regarding Whether it Could be Enforced by Only One Lender

On October 25, 2022, the First Department issued a decision in Arena Invs., L.P. v. D’Angelo, 2022 NY Slip Op. 05945, holding that a guaranty made to two lenders was ambiguous regarding whether it could be enforced by only one of the lenders . . . Continue reading Guaranty Made to Two Lenders Ambiguous Regarding Whether it Could be Enforced by Only One Lender