Intercontinental Credit Corporation Division of Pan American Trade Development Corp., Respondent, v. Henry A. Roth, Appellant, 169 A.D.2d 635

Summary

The debtor executed in favor of the credit corporation unconditional guarantees of the indebtedness of its company and of a distributing company. The debtor executed similar unconditional guarantees in connection with loans made to other corporations, whose proceeds were used to reduce the original debt. The debtor also provided the credit corporation with postdated personal checks as additional collateral. The credit corporation sought judgment pursuant to R. 3213. In opposition, the debtor claimed that in executing the guarantees he had merely been accommodating a friend and that the credit corporation had fraudulently assured him that advances would be secured by a greater amount of collateral and that the credit corporation would monitor the debtor's financial condition. The supreme court granted summary judgment in favor of the credit corporation. On appeal, the court affirmed. The court held that the debtor's assertions of fraudulent inducement lacked sufficient evidentiary ...