Contracts Keyed to Dawson
Long Island Trust Company v. International Institute for Packaging Ed., Ltd.
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Horowitz and Rochman allegedly told the bank to “make sure that all the endorsements were on the note,” but the bank failed to have one party endorse it. When the loan was not repaid, the bank instituted this action against International Institute and four of the guarantors. Horowitz and Rochman contended that their endorsement was conditional on the other signatures, and since the fifth endorsement was not obtained by the bank, the note was unenforceable as to them. The Special Term granted summary judgment to the bank, and the Appellate Division affirmed.
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