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BANCO DO BRASIL v. ANTIGUA

268 A.D.2d 75 (2000)

707 N.Y.S.2d 151

BANCO DO BRASIL S. A. et al., Respondents, v. STATE OF ANTIGUA AND BARBUDA et al., Appellants.

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

April 18, 2000.

Attorney(s) appearing for the Case

Robert A. Giacovas of counsel (Michael T. Conway on the brief; Lazare Potter Giacovas & Kranjac, L. L. P., attorneys), for respondents.

Michael S. Gordon of counsel (Howard E. Cotton on the brief; Rosenman & Colin, L. L. P., attorneys), for appellants.

WALLACH, J. P., RUBIN and BUCKLEY, JJ., concur.

OPINION OF THE COURT

LERNER, J.

In this action for breach of a loan agreement and associated promissory notes and guarantees, we are called upon to determine whether defendants' 1997 letter regarding their loan agreement, sent to plaintiffs after the Statute of Limitations had run, constituted an acknowledgment or promise within the meaning of General Obligations Law § 17-101 and was sufficient to revive plaintiffs' time-barred claims.

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