In October 1983, defendant-appellant William Aronson was employed as a broker by plaintiff-respondent Paine Webber. At the time of his employment Aronson executed a document entitled "Promissory Note." The document stipulated that "for value received" Aronson would pay Paine Webber $120,000, which sum would be due interest free on October 3, 1986. The document, however, also provided that one third of the principal amount would be forgiven on each anniversary of the note...
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