Tosapratt, LLC v. Sunset Properties, Inc.
Appellate Division of the Supreme Court of the State of New York
1Opinion of the CourtStein, J.
Plaintiff entered into an agreement with defendant Sunset Properties, Inc., whereby plaintiff loaned $650,000 to Sunset in order to finance Sunset’s purchase and development of an 11.65-acre parcel of land in Vermont. In exchange, Sunset executed a promissory note to repay plaintiff such amount with interest when some or all of the real estate was sold. Defendant Mary Pratt (hereinafter Pratt), the wife of Stanton Pratt (Sunset’s secretary and treasurer), executed a guaranty for the payment due to plaintiff. After selling the entire parcel of land for less than the principal amount of the…
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