Teitelbaum v. Mordowitz

Appellate Division of the Supreme Court of New York

Teitelbaum v. Mordowitz

248 A.D.2d 161, 669 N.Y.S.2d 811, 1998 N.Y. App. Div. LEXIS 2370

Appellate Division of the Supreme Court of the State of New York·Decided March 10, 1998·Published·Cited by 5 cases

Opinion

—Judgment, Supreme Court, New York County (Ira Gammerman, J.), entered October 15, 1996, insofar as appealed from, awarding plaintiff damages as against defendant-appellant after granting her motion for summary judgment, unanimously affirmed, with costs.

The three writings on which plaintiff relies clearly constitute a continuing obligation by defendant personally to guarantee repayment of plaintiff’s $220,000 loan given to certain real estate projects with which defendant was associated. All three writings recite the same $220,000 loan, and do not lack consideration simply because they were not executed contemporaneously with the loan. Consideration for a guarantee can be past or executed, where, as here, the guarantee recites in writing that it is being given in exchange for a loan and there is no question that the proceeds of the loan were received (General Obligations Law § 5-1105; Liberty Natl. Bank v Gross, 201 AD2d 467; North Fork Bank & Trust Co. v Jay-Ann Assocs., 192 AD2d 590, Iv dismissed 82 NY2d 705).

Concur — Sullivan, J. P., Wallach, Rubin, Williams and Tom, JJ.

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—Judgment, Supreme Court, New York County (Ira Gammerman, J.), entered October 15, 1996, insofar as appealed from, awarding plaintiff damages as against defendant-appellant after granting her motion for summary judgment, unanimously affirmed, with costs.

The three writings on which plaintiff relies clearly constitute a continuing obligation by defendant personally to guarantee repayment of plaintiff’s $220,000 loan given to certain real estate projects with which defendant was associated. All three writings recite the same $220,000 loan, and do not lack consideration simply because they were not executed contemporaneously with the loan. Consideration for a guarantee can be past or executed, where, as here, the guarantee recites in writing that it is being given in exchange for a loan and there is no question that the proceeds of the loan were received (General Obligations Law § 5-1105; Liberty Natl. Bank v Gross, 201 AD2d 467; North Fork Bank & Trust Co. v Jay-Ann Assocs., 192 AD2d 590, Iv dismissed 82 NY2d 705).

Concur — Sullivan, J. P., Wallach, Rubin, Williams and Tom, JJ.

Teitelbaum v. Mordowitz, 248 A.D.2d 161, 669 N.Y.S.2d 811, 1998 N.Y. App. Div. LEXIS 2370 (N.Y. Ct. App. 1998).

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248 A.D.2d 161 (Teitelbaum v. Mordowitz) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Opinion

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