PEACOCK HOLDINGS, INC. v. KEEFE & KEEFE, INC.


232 A.D.2d 331 (1996)

648 N.Y.S.2d 608

Peacock Holdings, Inc., Respondent, v. Keefe & Keefe, Inc., et al., Appellants Peacock Holdings, Inc., Respondent, v. Keefe & Keefe, Inc., et al., Appellants, et al., Defendants

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

October 31, 1996


The IAS Court properly rejected parol evidence offered to show that the promissory notes and security agreements in issue were fraudulent shams to defraud the IRS, entered into to make what was actually a gift, or at most a conditional loan, look like an unconditional promise to pay (see, Phillips v Cioffi, 204 A.D.2d 94, 95, lv denied 85 N.Y.2d 810). In any event, the parol evidence aside, defendants fail to set forth...

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