St. Joseph Professional Building Co. v. New York Life Insurance Co.

TUNKS, Chief Justice.

This is an appeal from a summary judgment.

On October 29, 1962, St. Joseph Professional Building Corporation, appellant, and New York Life Insurance Company, appellee, entered into a contract pursuant to which appellee made a commitment to lend appellant $3,600,000 as the long term financing for the construction of a building. An agreement was made with the National Bank of Commerce for the interim financing of the construction. By the terms of the commitment agreement, $3,000,000 was to be furnished for the basic construction and the other $600,000 was to be furnished…