Key International Manufacturing, Inc. v. Stillman
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
OPINION OF THE COURT
Titone, J. P.
This case involves a complex commercial transaction entered into by two sophisticated businessmen. At issue is the enforceability of an acceleration clause contained in the contract. We hold the plaintiff to the consequences of its bargain.
In 1981, appellant Stillman sold certain real property to plaintiff. Two million dollars of the total purchase price was deferred, on terms, until July 31, 1991. Stillman was given four $500,000 notes payable on that date, secured by means of letters of credit, to be drawn on by Stillman in the event of default in payment.…
2Cases cited23 opinions
- First National Stores, Inc. v. Yellowstone Shopping Center, Inc.New York Court of Appeals · 1968
- Fifty States Management Corp. v. Pioneer Auto Parks, Inc.New York Court of Appeals · 1979
- Albertina Realty Co. v. Rosbro Realty Corp.New York Court of Appeals · 1932
- Mann Theatres Corp. of California v. Mid-Island Shopping Plaza Co.Appellate Division of the Supreme Court of the State of New York · 1983
- Mann Theatres Corp. v. Mid-Island Shopping Plaza Co.New York Court of Appeals · 1984
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3Cited by27 opinions
- First Commercial Bank v. Gotham Originals, Inc.New York Court of Appeals · 1985
- U.S. Bank Trust National Ass'n v. AMR Corp.Court of Appeals for the Second Circuit · 2013
- Wechsler v. Hunt Health Systems, Ltd.District Court, S.D. New York · 2004
- Dalessio v. KresslerAppellate Division of the Supreme Court of the State of New York · 2004
- U.S. Bank Trust National Ass'n v. American Airlines, Inc. (In re AMR Corp.)United States Bankruptcy Court, S.D. New York · 2013
22 more not listed; retrieve them via the Exa API.