Bank of New York v. Kranis
| Decision Date | 11 January 1993 |
| Citation | 189 A.D.2d 741,592 N.Y.S.2d 67 |
| Parties | The BANK OF NEW YORK, Appellant, v. Donald KRANIS, Defendant, Felice Kranis, et al., Respondents. |
| Court | New York Supreme Court — Appellate Division |
Kleinman, Saltzman & Goodfriend, West Nyack (Donna R. Cohen, of counsel), for appellant.
Thomas F. Farley, New York City, for respondents.
Before BRACKEN, J.P., and ROSENBLATT, O'BRIEN and COPERTINO, JJ.
MEMORANDUM BY THE COURT.
In an action to recover on two promissory notes and written guarantees of payment the plaintiff appeals, as limited by its brief, from so much of an order of the Supreme Court, Nassau County (DiNoto, J.), entered January 14, 1991, as denied those branches of its motion which were for summary judgment against the defendants Felice Kranis and Elaine Weiss.
ORDERED that the order is reversed insofar as appealed from, on the law, with costs, those branches of the motion which were for summary judgment against the defendants Felice Kranis and Elaine Weiss are granted, and the matter is remitted to the Supreme Court, Nassau County, for the entry of a judgment against them in the principal sum of $38,887.80, and for a hearing and determination with respect to reasonable attorneys' fees.
On October 3, 1986, as consideration for a loan, the respondents and their husbands, who were officers of the borrower corporation, executed two continuing guarantees by which they unconditionally guaranteed "the prompt payment when due of all present and future obligations and liabilities of any and all kinds of the Borrower to the Bank". The guarantee stated that it would "remain in full force and effect * * * until written notice of its revocation shall actually be received by the Bank". It is undisputed that no written revocation was ever received. The loan was paid down until September 21, 1989, at which time the borrower defaulted on the unpaid balance. Prior to the default, on December 31, 1987, the husband of one of the respondents, who was the president of the borrower corporation, signed a second guarantee as consideration for a second corporate loan. No part of this loan was ever repaid and the bank declared the loan in default on September 21, 1989. Meanwhile, in late 1988, the corporation had filed for bankruptcy, and one of the two officers who had signed the October 3, 1986, guarantees died. On or about November 28, 1989, the instant action was commenced against the corporate president and the respondents, seeking the balances due plus interest from September 21, 1989, and attorneys'...
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