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WESTINGHOUSE v. TALCOTT, INC

50 N.Y.2d 559 (1980)

Westinghouse Credit Corporation, Respondent, v. James Talcott, Inc., Appellant.

Court of Appeals of the State of New York.

Decided July 1, 1980.

Attorney(s) appearing for the Case

Gabriel B. Schwartz, T. Gorman Reilly and Jerald E. Podair for appellant.

Joseph H. Einstein for respondent.

Chief Judge COOKE and Judges JASEN, GABRIELLI, JONES, WACHTLER and MEYER concur.

FUCHSBERG, J.

This appeal calls upon us to interpret a loan participation agreement between two large commercial lenders, plaintiff-respondent Westinghouse Credit Corporation and defendant-appellant James Talcott, Inc. The essential facts are undisputed.

The participation agreement, entered into in 1974, incorporated the terms of a pre-existing line of credit...

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