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Chemical Bank v. Cogan Management, Inc.

Appellate Division of the Supreme Court of New York, First Department
Feb 14, 1991
170 A.D.2d 268 (N.Y. App. Div. 1991)

Opinion

February 14, 1991

Appeal from the Supreme Court, New York County (Carmen Beauchamp Ciparick, J.).


In opposition to plaintiff's CPLR 3213 motion, the individual defendant asserted that his corporation's 1984 $1,275,000 promissory note was merely an accommodation, to be discharged upon plaintiff's receipt of substitute notes from the actual recipients of the loan proceeds, investors who used the corporate defendant's financial management services. Plaintiff did in fact receive and accept the substitute notes aggregating $956,250 from some of these investors; four others, however, made no payments, leaving a balance of $318,750. In the circumstances presented these assertions were sufficient to raise factual issues as to the defense of payment.

Concur — Sullivan, J.P., Carro, Wallach, Kupferman and Kassal, JJ.


Summaries of

Chemical Bank v. Cogan Management, Inc.

Appellate Division of the Supreme Court of New York, First Department
Feb 14, 1991
170 A.D.2d 268 (N.Y. App. Div. 1991)
Case details for

Chemical Bank v. Cogan Management, Inc.

Case Details

Full title:CHEMICAL BANK, Appellant, v. COGAN MANAGEMENT, INC., et al., Respondents

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

Date published: Feb 14, 1991

Citations

170 A.D.2d 268 (N.Y. App. Div. 1991)
565 N.Y.S.2d 528