London Leasing Corporation v. Interfina, Inc.
Supreme Court of New York
279 N.Y.S.2d 209 (1967)
Facts
Interfina, Inc. (Interfina) (defendant) made and delivered a promissory note for $52,000 to London Leasing Corporation (London Leasing) (plaintiff). The note was signed by Frederick Evans (defendant), as Interfina’s president. The note was also personally endorsed by Evans. The note was not paid. Through Evans in his capacity as president, Interfina entered into agreements with London Leasing to extend the time for payment. Interfina failed to pay the note in full. London Leasing sued Interfina and Evans to collect on the note. At trial, London Leasing moved for summary judgment for the unpaid amount on the note. Evans argued that the extension agreements discharged Evans from personal liability on the note, because he did not personally consent to the extension, but rather signed the agreements solely in his corporate capacity as Interfina’s president.
Rule of Law
Issue
Holding and Reasoning (Crawford, J.)
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