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STERLING NAT'L BANK & TRUST CO. OF NEW YORK v. GIANNETTI

53 A.D.2d 533 (1976)

Sterling National Bank & Trust Company of New York, Respondent, v. John Giannetti, Defendant, and Nat Herman et al., Appellants

Appellate Division of the Supreme Court of the State of New York, First Department.

June 8, 1976

John Giannetti had executed and delivered two negotiable promissory notes to the Sterling National Bank & Trust Company in the total amount of $261,000. Giannetti defaulted in payment. There is a principal balance due of $159,000. Nat Herman, Jesse Jayson and Howard J. Fremont had executed unconditional guarantees of payment of the debts of Giannetti, which guarantees included a waiver of the right to interpose any defense "based on set-off or counterclaim of any nature...

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