In May, 1973, defendant executed a promissory note to the Buffalo Savings Bank in the amount of $2,835.48. The note was guaranteed by the New York Higher Education Assistance Corporation, plaintiff's predecessor, and after defendant defaulted on the note, plaintiff paid the balance owing to the Buffalo Savings Bank in March, 1975. In July, 1980, plaintiff commenced this action to recover the funds paid to the bank. Defendant's answer asserted as an affirmative defense that...
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