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Bankers Trust v. National Un. Fire Ins. Co.

Appellate Division of the Supreme Court of New York, First Department
May 20, 1999
261 A.D.2d 286 (N.Y. App. Div. 1999)

Opinion

May 20, 1999

Appeal from the judgment, Supreme Court, New York County (Leland DeGrasse, J.).


The court properly ruled that the appeal bond sued upon falls within the ambit of CPLR 3213, since a prima facie case is made out by the bond and a failure to make payment according to its terms ( see, Weissman v. Sinorm Deli, 88 N.Y.2d 437, 444). The subject appeal bond provides that a sum certain is payable upon failure of the principal to either successfully appeal the June 24, 1997 money judgment in favor of Bankers Trust Company, as specifically referred to therein, or to pay the amount of such judgment. Thus, since the bond provides for payment of a sum certain upon the easily verified failure of specified events, it is deemed "an instrument for the payment of money only" ( Diversified Investors Corp. v. DiversiFax, Inc., 239 A.D.2d 231, 233, lv dismissed 90 N.Y.2d 935).

Further, since the conditions set forth in the bond refer exclusively to the June 24, 1997 judgment in favor of Bankers Trust Company, a stay of enforcement of that judgment is in no way dependent upon the appellate posture of the so-called underlying action. In this connection, defendant's arguments in support of such stay, as well as its argument that Bankers Trust Company's counterclaim for attorneys' fees was improperly severed, are academic in light of this Court's previous rulings, in the so-called underlying action, that the stay was properly denied and that the failure of the principal under the bond to appeal the money judgment entered in favor of Bankers Trust Company renders the principal bound by that judgment ( Tauber v. Bankers Trust Co., 259 A.D.2d 381).

Concur — Sullivan, J. P., Williams, Rubin, Andrias and Friedman, JJ.


Summaries of

Bankers Trust v. National Un. Fire Ins. Co.

Appellate Division of the Supreme Court of New York, First Department
May 20, 1999
261 A.D.2d 286 (N.Y. App. Div. 1999)
Case details for

Bankers Trust v. National Un. Fire Ins. Co.

Case Details

Full title:BANKERS TRUST COMPANY, Respondent, v. NATIONAL UNION FIRE INSURANCE…

Court:Appellate Division of the Supreme Court of New York, First Department

Date published: May 20, 1999

Citations

261 A.D.2d 286 (N.Y. App. Div. 1999)
691 N.Y.S.2d 50

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