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DIESEL CONSTR. CO. v. CHASE MANHATTAN MORTGAGE & REALTY TRUST

58 A.D.2d 760 (1977)

Diesel Construction Company, Respondent, v. Chase Manhattan Mortgage and Realty Trust, Appellant

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

July 7, 1977

The observation by Special Term in its order of July 1, 1976 that "The instrument sued on is not a guarantee of payment but an agreement to allocate fixed sums out of future moneys due on a building loan agreement to the plaintiff contractor" was correct. No provision in the instrument (the letter agreement of Dec. 11, 1974) could be construed as a guarantee, as plaintiff contends. The said letter was merely an "undertaking to bypass...

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