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FIRST NAT'L BANK OF HIGHLAND v. KORIBA, INC.

89 A.D.2d 713 (1982)

First National Bank of Highland, Appellant, v. Koriba, Inc., Defendant, Ralph S. Risio et al., Appellants, and George R. Kohler et al., Respondents

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

July 22, 1982

Defendants George Kohler, Ralph Risio and Koriba, Inc., borrowed funds from plaintiff First National Bank of Highland (bank). Defendants Josephine Kohler and Louise Risio executed unlimited loan guarantees. After the principal debtors failed to pay, the bank obtained a default judgment against defendants, the bank then contracted with a third party to assign the judgment in return for three payments. A condition of the assignment was that if the judgment was paid in the interim...

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