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PHOENIX CORP v. CAMPCORE, INC

81 N.Y.2d 138 (1993)

Phoenix Acquisition Corporation et al., Plaintiffs, v. Campcore, Inc., et al., Defendants, Chester Wickwire, Respondent, and Marine Midland Bank, N. A., Appellant.

Court of Appeals of the State of New York.

Decided March 30, 1993.

Attorney(s) appearing for the Case

Hancock & Estabrook, Syracuse (Thomas C. Buckel, Jr., of counsel), for appellant.

Theodore Fenstermacher, Cortland, for respondent.

Chief Judge KAYE and Judges SIMONS, TITONE and SMITH concur; Judge HANCOCK, JR., taking no part.

BELLACOSA, J.

We granted leave in this case to decide whether defendant debtor Campcore, Inc.'s default on one installment payment under its promissory note triggered the Statute of Limitations accrual against the entire debt. Upon that initial default in the installment payment, the creditor, Marine Midland Bank, chose not to exercise its option to accelerate the balance of the indebtedness. At issue is Marine...

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