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SUNRISE GROUP, LTD. v. ZIZZA

251 A.D.2d 45 (1998)

673 N.Y.S.2d 667

Sunrise Group, Ltd., Appellant, v. Salvatore Zizza, Respondent

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

June 4, 1998

The payee of the promissory note in question could not effect a valid novation with defendant, the obligor, because a third-party bank had a perfected security interest in, and actual possession of, the original note, as well as an agreement precluding the payee from modifying or altering the terms of the note without the bank's prior written consent, which the payee never obtained (see, Rogers v Thomson, 215 App Div...

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