NAB Asset Venture III L.P. v. Stanley Simon Diamonds, Inc.

—Judgment, Supreme Court, New York County (Walter Schackman, J.), entered December 15,1995, in favor of plaintiff and against defendants, and bringing up for review an order granting plaintiff’s motion for summary judgment in lieu of complaint, unanimously affirmed, with costs.

Defendants’ opposition failed to establish the existence of any issues of fact with respect to their defense that their obligations under the promissory note were discharged pursuant to UCC 3-407 by virtue of a material alteration thereof, namely plaintiff’s unilateral insertion of an interest rate stated to be l1/2%…