Muryum Khalid ,left, and Adam Safer ,right, of Goulston & Storrs. Courtesy photos NY Courts Revisit CPLR 3213 Statute's Applicability to 'Bad Boy' Guarantees
Financial institutions seeking to recover on promissory notes and unconditional guarantees can often obtain quick relief from CPLR 3213, but only if claims are "for the payment of money only." However, not all guarantees are eligible for expedited treatment under CPLR 3213.
January 08, 2024 at 10:05 AM
6 minute read
Commercial Litigation
Financial institutions seeking to recover on promissory notes and unconditional guarantees can often obtain quick relief from CPLR 3213, but only if claims are "for the payment of money only." However, not all guarantees are eligible for expedited treatment under CPLR 3213. The Court of Appeals has long held that even instruments for payment of money do not qualify if too much outside proof is needed.
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