Long Island Trust Co. v. International Institute for Packaging Education, Ltd.
Court of Appeals of New York
344 N.E.2d 377 (N.Y. 1976)
Long Island Trust (Bank) (plaintiff) loaned $25,000 to the International Institute for Packaging Education (Institute) (defendant). The promissory note given to the Bank in exchange for the loan was signed by five guarantors. When the note was delivered, Rochman, one of the guarantors, orally agreed with an employee of the Bank that any renewals of the note would be conditioned upon the signatures of the same five guarantors. A few months later, the Bank agreed to renew the loan and loan an additional $10,000 to the Institute. At that time, Rochman delivered a new promissory note to a different Bank employee, but the note only contained four of the signatures. Rochman told the employee to make sure that all the proper signatures were on the note before its execution. However, D’Onofrio, the fifth guarantor, never signed the note. Subsequently, the Institute failed to pay off the loan and so the Bank brought suit against the Institute and the four guarantors who signed the note. The trial court granted summary judgment for the Bank and the appellate court affirmed. The Institute appealed.
Rule of Law
Holding and Reasoning (Jasen, J.)
Dissent (Breitel, C.J.)
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