Manufacturers & Traders Trust Co. v. Thielman

— Order unanimously reversed, without costs, plaintiff’s motion for summary judgment granted and matter remitted to Supreme Court, Erie County, for a hearing to compute interest and counsel fees. Memorandum: On January 31, 1973 the plaintiff, Manufacturers and Traders Trust Co. (Bank) loaned $26,000 to Iron Island Enterprises of Buffalo, Inc. (the Corporation). The loan secured by a mortgage was for a term of five years, to expire on February 1, 1978, with interest at the rate of 10% per annum. Concurrently with the execution thereof, the individual defendants signed a guarantee and indemnity…