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BANK OF NEW YORK v. GRANAT

197 A.D.2d 653 (1993)

602 N.Y.S.2d 942

Bank of New York, Appellant, v. Jack Granat, Respondent

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

October 25, 1993

Ordered that the order is affirmed, with costs.

The plaintiff Bank of New York (hereinafter the Bank) offered the defendant a $1,000,000 revolving line of credit secured by a mortgage on the defendant's residence. The credit line was to span a term of 10 years, after which the defendant's right to obtain advances would cease. During this 10 year period, the defendant was obligated to pay interest only. Thereafter, the defendant was to have 20 years to repay the advances...

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