CITIBANK v. INDIANA & MICHIGAN ELEC. CO.


58 A.D.2d 519 (1977)

Citibank, N.A., Appellant, v. Indiana & Michigan Electric Company, Respondent

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

June 2, 1977


Appellant shall recover of respondent $60 costs and disbursements of this appeal. The essential facts are not in dispute in this matter. In 1971, a bank in Fort Wayne, Indiana, loaned $6,250,000 to a development corporation secured by a note and first mortgage on an all-electric high rise apartment complex located in that city. The appellant was a participant in that loan. The defendant, a public utility, entered into a letter agreement with the bank and the development corporation...

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