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CHEMICAL BANK v. MELTZER

93 N.Y.2d 296 (1999)

712 N.E.2d 656

690 N.Y.S.2d 489

CHEMICAL BANK, Respondent, v. BRUCE G. MELTZER, Appellant, et al., Defendant.

Court of Appeals of the State of New York.

Decided May 4, 1999.

Attorney(s) appearing for the Case

Cahn Wishod & Lamb, L. L. P., Melville (Joel M. Markowitz of counsel), for appellant.

Mark E. Segall, New York City, and Caroline A. Mellusi for respondent.

Chief Judge KAYE and Judges BELLACOSA, SMITH, LEVINE, CIPARICK and ROSENBLATT concur.

OPINION OF THE COURT

WESLEY, J.

This appeal highlights the innovative and complex financing strategies used by local government officials to attract corporations to their municipalities and to stimulate economic development. We are asked to dust off the venerable law of suretyship, guaranty and subrogation and to reexamine these principles within the context of a multifaceted, contemporary business transaction...

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