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MERCANTILE v. COLONIAL ASSUR.

82 N.Y.2d 248 (1993)

624 N.E.2d 629

604 N.Y.S.2d 492

Mercantile & General Reinsurance Co., PLC, Appellant, v. Colonial Assurance Company et al., Defendants, and Spanno Corporation, Respondent.

Court of Appeals of the State of New York.

Decided November 18, 1993.

Attorney(s) appearing for the Case

Mound, Cotton & Wollan, New York City (Stuart Cotton, Andrew Maneval, Guy P. Dauerty, Diane P. Simon and Marilu Cain of counsel), for appellant.

Stein, Garr & Rosenfeld, New York City (Ira E. Garr and Steven E. Rosenfeld of counsel), Hall, O'Brien & Sack (Andrew C. Hall of counsel, of the Florida Bar, admitted pro hac vice) and Cooper & Wolfe (Marc Cooper and Maureen E. Lefebvre of counsel, of the Florida Bar, admitted pro hac vice), for respondent.

Chief Judge KAYE and Judges TITONE, HANCOCK, JR., BELLACOSA, SMITH and LEVINE concur.

SIMONS, J.

This appeal presents a question on the role of the jury, and the conclusiveness of its findings, in actions in which both legal and equitable claims are advanced by the parties.

The defendant Spanno Corporation was in the business of guaranteeing prospective purchasers of capital equipment that the equipment would have a stated residual value at a given future date. Since Spanno had to assure...

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