LTCB Trust Co. v. 3 East 54th Street Associates

Full title: LTCB TRUST COMPANY, Respondent, v. 3 EAST 54TH STREET ASSOCIATES, Appellant

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

Date published: Mar 24, 1998

248 A.D.2d 275 (N.Y. App. Div. 1998)

670 N.Y.S.2d 80

Opinion

March 24, 1998

Appeal from the Supreme Court, New York County (Richard Lowe, III, J.).

Defendant claims that its failure to make the full interest payment that resulted in acceleration of the loan was a "hypertechnical default" wrongfully induced by plaintiff's misrepresentation that such a default was necessary "to make a restructuring of the loan more palatable to Plaintiff's home office". We agree with the IAS Court that defendant's alleged reliance on such alleged misrepresentation involving this $60 million loan fails to establish a triable issue with respect to estopping plaintiff from asserting the default ( see, Chemical Bank v. Broadway 55-56th St. Assocs., 220 A.D.2d 308). We have considered defendant's remaining arguments and find them to be without merit.

Concur — Wallach, J. P., Rubin, Williams, Mazzarelli and Saxe, JJ.