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UNITED STATES TRUST CO. OF NEW YORK v. OLSEN

194 A.D.2d 481 (1993)

599 N.Y.S.2d 571

United States Trust Company of New York, Appellant, v. Rey Olsen, Respondent

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

June 29, 1993

On April 5, 1988, defendant borrowed $30,000 from plaintiff United States Trust Company of New York when he executed a demand promissory note in that amount. It was also agreed that $10,000 of the loan proceeds would be maintained in a reserve account by plaintiff from which interest payments would be made. Defendant received the check for $20,000, but the loan was not repaid. Plaintiff thereupon demanded payment, applied the balance...

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