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DREYFUS ENERGY v. MG REF.

2 N.Y.3d 495 (2004)

812 N.E.2d 936

780 N.Y.S.2d 110

LOUIS DREYFUS ENERGY CORP. et al., Appellants, v. MG REFINING AND MARKETING, INC., Defendant, and MG HOLDINGS NORTH AMERICA, INC., Formerly Known as METALLGESELLSCHAFT CAPITAL CORP., Respondent.

Court of Appeals of the State of New York.

Decided June 8, 2004.

Attorney(s) appearing for the Case

Williams & Connolly, LLP, Washington, D.C. (John J. Buckley, Jr., Kenneth C. Smurzynski and Andrew W. Rudge of counsel), and Heller Ehrman White & McAuliffe, LLP, New York City (Lawrence J. Zweifach and Samuel L. Barkin of counsel), for appellants.

Kaye Scholer LLP, New York City (Michael D. Blechman and Robert B. Bernstein of counsel), for respondent.

Chief Judge Kaye and Judges G.B. Smith, Ciparick, Rosenblatt, Graffeo and Read concur.

OPINION OF THE COURT

R.S. SMITH, J.

The issue in this case is whether a continuing guaranty containing an expiration date requires the guarantor to pay obligations that were contractually binding, but were not yet due and payable, at the time the guaranty expired. We hold that the guaranty does require payment of such obligations, where it does not express a contrary intention.

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