Marine Midland Bank, N. A. v. Kristin International Ltd.
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
OPINION OF THE COURT
Doerr, J.
The sole issue to be resolved by this appeal is whether the guarantor of the debt may waive the defense that the secured creditor failed to conduct a liquidation sale in a commercially reasonable manner. We hold that a guarantor may not waive this defense and, therefore, we affirm the order of Special Term, which denied plaintiffs motion for summary judgment in this deficiency action.
The facts of the case are essentially undisputed and may be stated simply. From 1979 through 1983, defendant Kristin International Ltd. (Kristin) borrowed over $600,000 from Marine…
2Cases cited12 opinions
- United States Ex Rel. Small Business Administration v. MorrisDistrict Court, E.D. Pennsylvania · 1981
- Chase Manhattan Bank, N. A. v. NatarelliNew York Supreme Court · 1977
- Chemical Bank v. PIC Motors Corp.New York Court of Appeals · 1983
- Ford Motor Credit Co. v. LototskyDistrict Court, E.D. Pennsylvania · 1982
- American Bank of Commerce v. CovoloNew Mexico Supreme Court · 1975
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3Cited by14 opinions
- Bank of China v. David C.W. ChanCourt of Appeals for the Second Circuit · 1991
- Marine Midland Bank v. CMR Industries, Inc.Appellate Division of the Supreme Court of the State of New York · 1990
- Walther v. Bank of New YorkDistrict Court, S.D. New York · 1991
- May v. Women's Bank, N.A.Supreme Court of Colorado · 1991
- Topical Jewelers, Inc. v. Nationsbank, NaDistrict Court of Appeal of Florida · 2000
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