LTCB TRUST CO. v. 3 E. 54TH ST. ASSOCS.


248 A.D.2d 275 (1998)

670 N.Y.S.2d 80

LTCB Trust Company, Respondent, v. 3 East 54th Street Associates, Appellant

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

March 24, 1998


Defendant claims that its failure to make the full interest payment that resulted in acceleration of the loan was a "hypertechnical default" wrongfully induced by plaintiff's misrepresentation that such a default was necessary "to make a restructuring of the loan more palatable to Plaintiff's home office". We agree with the IAS Court that defendant's alleged reliance on such alleged misrepresentation involving this $60 million...

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