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Contracts Keyed to Fuller
Nassau Trust Company v. Montrose Concrete Products Corp.
Citation:
56 N.Y.2d 175 (1982)Facts
In February 1976, Montrose Concrete Products Corporation mortgaged certain property to Nassau Trust Company as security for a $300,000 loan, with Louis and Edna Imperato as guarantors. The loan required quarterly payments of $3,000 plus interest and gave Nassau Trust the option to accelerate the entire principal upon failure to make payments within 30 days after the due date. By February 1977, Montrose was delinquent in its payments, and Nassau Trust entered into a written extension agreement establishing a new payment schedule. The extension agreement included a provision that “This agreement may not be changed or terminated orally.” Montrose was unable to meet even the new payment schedule. According to Montrose, Nassau Trust officers held meetings in June, October, and December 1978 where they agreed to waive any default in payment. In January 1979, Nassau Trust Vice-President Stuart Saxton allegedly told Imperato during a phone conversation that Nassau Trust would waive any default until Montrose was able to close a sale to Imperia Brothers, a competitor. Imperato claimed he continued negotiations with Imperia with the understanding that Nassau Trust had waived any default. In March 1979, Nassau Trust declared default and began foreclosure proceedings, which allegedly caused Imperia to withdraw from negotiations.
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