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CHELSEA NAT v. LINCOLN ASSOC

93 A.D.2d 216 (1983)

Chelsea National Bank, Respondent, v. Lincoln Plaza Towers Associates, Appellant

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

April 21, 1983

Attorney(s) appearing for the Case

Stanley Alter, P. C. for respondent.

Edward A. Friedman of counsel (Stein, Zauderer, Ellenhorn, Friedman & Kaplan, attorneys), for appellant.

KUPFERMAN, J. P., CARRO, SILVERMAN and KASSAL, JJ., concur.

FEIN, J.

Plaintiff sues to recover on a defaulted loan of $100,000 to Lincoln Plaza, Inc. (LPI) by proceeding on a continuing guarantee made by defendant Lincoln Plaza Towers Associates (Associates), a limited partnership, one of whose two general partners was Marvin Greenfield, president of LPI. The other general partner was LPT Corporation (LPT).

Greenfield was utilizing LPI to develop property the corporation leased on West 62nd Street in Manhattan...

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