New England Industries, Inc. v. Albatross Tanker Corp.

Order, Supreme Court, New York County (Williams, J.), entered June 2, 1981, denying the defendant’s motion for summary judgment, affirmed, with costs. Plaintiff seeks to recover accumulated interest of $1,426,341.92 that is purportedly due on the principal amount of a note made to its order by the defendant, its former subsidiary. The note, upon its face, states that the defendant promises to pay the plaintiff, for value received, the sum of $656,375.35 with interest at the prime rate. However, the face of the note, toward the bottom, contains the following provision: “This is a conditional…