Weinger v. A.V.N.T. Realty Investors, Inc.

Appellate Division of the Supreme Court of New York

Weinger v. A.V.N.T. Realty Investors, Inc.

128 A.D.2d 704, 513 N.Y.S.2d 42, 1987 N.Y. App. Div. LEXIS 44388

CourtAppellate Division of the Supreme Court of the State of New York

DecidedMarch 16, 1987

StatusPublished

This text of 128 A.D.2d 704 (Weinger v. A.V.N.T. Realty Investors, Inc.) is published on Counsel Stack Legal Research, covering Appellate Division of the Supreme Court of the State of New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Weinger v. A.V.N.T. Realty Investors, Inc., 128 A.D.2d 704, 513 N.Y.S.2d 42, 1987 N.Y. App. Div. LEXIS 44388 (N.Y. Ct. App. 1987).

Pincite

Opinion

In an action, inter alia, to recover on a guarantee, the defendant Smith appeals from stated portions of a judgment of the Supreme Court, Westchester County (Donovan, J.), dated July 11, 1985, which, inter alia, after a nonjury trial, is in favor of the plaintiffs and against her in the principal sum of $100,000, and in favor of the third-party defendant, the Chase Manhattan Bank, N. A. (hereinafter Chase) and against her in the principal sum of $72,422.05.

Ordered that the judgment is affirmed insofar as appealed from, with costs.

We find that the appellant was not discharged from her obligations under a written guarantee of payment and that she is liable to the plaintiffs in the principal amount of $100,000 pursuant to the unambiguous terms of that guarantee.

We further hold that the appellant defaulted under her loan agreement with third-party defendant Chase when she pledged her shares in her cooperative apartment as further security for the foregoing guarantee. The loan agreement between the appellant and Chase unequivocally indicates that her actions in pledging the shares of the cooperative apartment as security for a conflicting interest constitute a default. Accordingly, Special Term committed no error in awarding judgment in favor of Chase and against her. Mangano, J. P., Brown, Niehoff and Eiber, JJ., concur.

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In an action, inter alia, to recover on a guarantee, the defendant Smith appeals from stated portions of a judgment of the Supreme Court, Westchester County (Donovan, J.), dated July 11, 1985, which, inter alia, after a nonjury trial, is in favor of the plaintiffs and against her in the principal sum of $100,000, and in favor of the third-party defendant, the Chase Manhattan Bank, N. A. (hereinafter Chase) and against her in the principal sum of $72,422.05.

Ordered that the judgment is affirmed insofar as appealed from, with costs.

We find that the appellant was not discharged from her obligations under a written guarantee of payment and that she is liable to the plaintiffs in the principal amount of $100,000 pursuant to the unambiguous terms of that guarantee.

We further hold that the appellant defaulted under her loan agreement with third-party defendant Chase when she pledged her shares in her cooperative apartment as further security for the foregoing guarantee. The loan agreement between the appellant and Chase unequivocally indicates that her actions in pledging the shares of the cooperative apartment as security for a conflicting interest constitute a default. Accordingly, Special Term committed no error in awarding judgment in favor of Chase and against her. Mangano, J. P., Brown, Niehoff and Eiber, JJ., concur.

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Bluebook (online)

128 A.D.2d 704, 513 N.Y.S.2d 42, 1987 N.Y. App. Div. LEXIS 44388, Counsel Stack Legal Research, https://law.counselstack.com/opinion/weinger-v-avnt-realty-investors-inc-nyappdiv-1987.