Florio v. Cross

OPINION OF THE COURT

Mahoney, J.

As part of a joint venture, plaintiff and defendants, among others, purchased acreage in Ulster County for purposes of subdivision and development. In July 1987, plaintiff sold his interest to defendants for $115,000. Defendants paid $70,000 in cash and executed a $45,000 promissory note. Under the three-year note, interest payments on the principal balance were due quarterly at a rate of 7%% until July 16, 1990, at which time the entire debt became due. Liability between defendants, as comakers of the note, was expressly stated to be joint and several. During…