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MEYERSOHN v. BLOOM

259 A.D.2d 432 (1999)

687 N.Y.S.2d 341

MARYLEA MEYERSOHN et al., Respondents, v. BARRY BLOOM, Appellant.

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

Decided March 30, 1999.

Plaintiffs, trustees of a testamentary trust, purchased "participation assignments" by which they invested in commercial real estate loans held by Cornell Capital Realty Funding Corp., a commercial real estate investment firm. Upon Cornell's failure to make payments due on the assignments, plaintiffs made repeated demands on defendant, the President of Cornell, to pay amounts owed the Trust. In an unsigned letter dated June 29, 1992, defendant undertook to repay the Trust...

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