Opinion
February 1, 1994
Appeal from the Supreme Court, New York County (Myriam J. Altman, J.).
Contrary to defendants' claim on this appeal, questions of fact exist as to the plaintiff-bank's justifiable reliance on the letters in extending additional credit and in not taking immediate action to recover under personal guarantees of the Papis. The failure of plaintiff to produce the earlier guarantees is not fatal, since full disclosure has not been completed and, further, since plaintiff's entire case does not rest on these earlier guarantees. Moreover, partial summary judgment for credit extended prior to the defendants' letters to the plaintiff-bank would be inappropriate at this time, since plaintiff may be able to demonstrate that absent the letters, it would have taken immediate action against the Papis and would not have suffered a loss on the loans predating the letters.
We have considered defendants' remaining claims and find them to be without merit.
Concur — Sullivan, J.P., Ellerin, Kupferman, Rubin and Tom, JJ.