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CHARCO CORP. v. NORTH AM. DEV. CORP.

171 A.D.2d 505 (1991)

Charco Corp., Respondent, v. North American Development Corp., Formerly Known as IRCC Realty Corp., Appellant

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

March 19, 1991

On December 31, 1982, the defendant's predecessor (hereafter defendant) signed a balloon promissory note to plaintiff in the principal amount of $125,937, in connection with plaintiff's sale to defendant of a one-half interest in an apartment building. It is undisputed that since September 1987, the defendant has not made interest payments required by the note.

Defendant argued in opposition to plaintiff's motion for summary...

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