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SWEETERS, JR. v. HODGES

256 A.D.2d 185 (1998)

683 N.Y.S.2d 9

NORMAN SWEETERS, JR., Appellant, v. DANIEL R. HODGES, Respondent.

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

Decided December 22, 1998.

A guarantor is liable to the creditor only for the amount of the principal obligor's default (see, GE Capital Mtge. Servs. v Pinnacle Mtge. Inv. Corp., 897 F.Supp. 842, 848, n 3). Accordingly, because the principal obligor herein is not in default, its obligation having been duly suspended pursuant to the subordination agreement executed by plaintiff, no amount is now due under the guarantee upon which plaintiff premises his right...

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