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BANK LEUMI TRUST CO. v. COSMOPOLITAN BROAD. CORP.

166 A.D.2d 207 (1990)

Bank Leumi Trust Company, Respondent, v. Cosmopolitan Broadcasting Corp. et al., Appellants

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

October 9, 1990

Lewis is the president and sole shareholder of CBC. On May 5, 1983, CBC unconditionally guaranteed to Great Oxford Commercial Ltd. (Oxford), an equipment leasing company, payment of all financial obligations of Unitel Security Services, Inc. (Unitel) under an equipment lease of that date. Lewis knew that Bank Leumi's financing was conditioned upon the execution by CBC of the guarantee, and that the lease and related documents were to be assigned to Bank Leumi simultaneously...

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