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WALLACE v. MERRILL LYNCH CAPITAL SERVICES, INC.

29 A.D.3d 382 (2006)

816 N.Y.S.2d 412

PHILIP WEDGWOOD WALLACE et al., Respondents, v. MERRILL LYNCH CAPITAL SERVICES, INC., Appellant, et al., Defendant.

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

May 16, 2006.

The documentary evidence establishes that TXU Europe's guarantee of the bonds issued by TXU Eastern is contingent upon TXU Eastern's defaulting on the bond payments, and that defendant's right under the subject currency swap contract with TXU Europe to set off any obligations, whether mature or unmature, does not include contingent obligations (see Matter of Trojan Hardware Co. v Bonacquisti Constr. Corp., 141 A.D.2d 278, 282 [1988...

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