LONG ISLAND TRUST CO. V. INTERNATIONAL INST. FOR PACKAGING EDUC. LTD.
344 N.E.2d 377 (1976)
NATURE OF THE CASE: This was a dispute over the guarantee of a corporate promissory note.
FACTS: Long Island (P) loaned $25,000 to International (D) for a period of 90 days. The
promissory note was endorsed by five guarantors. Rochman, one of the guarantors, claims that
in a conversation with an officer of P that any renewal of the note would require the same
endorsement of the same five individual guarantors. The note was renewed for another 30 days
and an additional $10,000 was loaned. Rochman delivered the new note with his endorsement
and told the bank officer to get all the endorsements on the note. One of the original
endorsers did not sign the note. P still advanced the monies. The loan was not repaid and P
sued the four guarantors. Rochman claimed that his endorsement was conditioned upon
procurement of an endorsement from the missing guarantor and that it was not enforceable
against them. The trial court granted P summary judgment and the Appellate Division
affirmed.
ISSUE:
RULE OF LAW:
HOLDING AND DECISION:
LEGAL ANALYSIS:
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