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GOVERNOR & CO. v. BERGER

207 A.D.2d 22 (1994)

Governor and Company of the Bank of Ireland, Respondent, v. Frank Berger et al., Appellants, et al., Defendants

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

December 29, 1994

Attorney(s) appearing for the Case

Francis J. Roche, Hudson, for appellants.

Muldoon, Horgan & Loughman, New Rochelle (Edward D. Loughman, III, of counsel), for respondent.

MIKOLL, J. P., CREW III and YESAWICH JR., JJ., concur with MERCURE, J.; PETERS, J., dissents in part and concurs in part in a separate opinion.

MERCURE, J.

In April 1988, defendants Frank Berger and Judith Berger (hereinafter defendants) borrowed from plaintiff at its London branch the sum of 750,000 British pounds sterling in accordance with the terms of a March 28, 1988 facility (the British equivalent of a promissory note) providing for quarterly payments of interest at a rate equal to "3% over the current Bank of Ireland Ordinary Base Rate" and a...

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