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BANKERS TRUST CO. v. J. GERBER & CO., INC.

56 A.D.2d 552 (1977)

Bankers Trust Company, Appellant, v. J. Gerber & Co., Inc., Respondent

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

February 17, 1977

The defendant by written agreement guaranteed an indebtedness of a company which was indebted to the bank for some $50,000 and to the defendant for some $500,000. Although the guarantee is not labeled an unconditional guarantee, by its terms it sets no conditions. (Cf. Long Is. Trust Co. v International Inst. for Packaging Educ., 38 N.Y.2d 493.) However, the defendant contends that it really meant that in the event of the debtor...

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