SCP (BERMUDA), INC. v. BERMUDATEL LTD.


242 A.D.2d 430 (1997)

662 N.Y.S.2d 249

SCP (Bermuda), Inc., as Successor in Interest to Shimizu Land Corporation, Appellant, v. Bermudatel Ltd., Formerly Known as Related-Crismark Limited, et al., Respondents, et al., Defendants

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

September 11, 1997


The facts of this action based on instruments for the payment of money only (unconditional promissory note and guarantees) are set forth in our prior order in SCP (Bermuda) v Bermudatel Ltd. (224 A.D.2d 214, lv granted 89 N.Y.2d 815). In that case, we specifically held that, "Under Section 7.5 of the guarantees the guarantors waived the right to * * * assert counterclaims, set-offs or defenses except that there is no waiver...

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