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NATL UNION INS v. CHRISTOPHER

257 A.D.2d 1 (1999)

691 N.Y.S.2d 35

NATIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA., Respondent, v. ROBERT CHRISTOPHER ASSOCIATES et al., Appellants. (Action No. 1.) NATIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA., Respondent, v. R. RICHARD WILLIAMS, Appellant. (Action No. 2.)

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

May 18, 1999.

Attorney(s) appearing for the Case

Liza A. Chafiian of counsel (Richard F. Russell on the brief; D'Amato & Lynch, attorneys), for respondent.

Patrick C. Campbell, Jr., of counsel (Andrew S. Fisher and Henry T. Berger on the brief; Fisher, Fisher & Berger, and Richard G. Phillips Associates, P. C., attorneys), for appellants in both actions.

ELLERIN, P. J., SULLIVAN and WALLACH, JJ., concur.

OPINION OF THE COURT

RUBIN, J.

An entity that extends credit to finance a business venture, especially one that merely provides a bond to guarantee performance of a party's contractual obligation, is not, by implication, a party to the underlying transaction and does not, without more, subject itself to claims or defenses otherwise available against a principal.

Plaintiff, which furnished a financial performance bond to defendants, investors in a...

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