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TURNBERRY L.P. v. WILMINGTON

7640, 651960/10.

99 A.D.3d 176 (2012)

950 N.Y.S.2d 362

2012 NY Slip Op 6050

TURNBERRY RESIDENTIAL LIMITED PARTNER, L.P., Appellant, v. WILMINGTON TRUST FSB, Respondent.

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

August 28, 2012.

Attorney(s) appearing for the Case

Meister Seelig & Fein LLP, New York City ( Stephen B. Meister , Thomas L. Friedman and David E. Ross of counsel), for appellant.

Seward & Kissel LLP, New York City ( Mark J. Hyland , Jeffrey M. Dine and Mandy DeRoche of counsel), for respondent.

MAZZARELLI, J.P., CATTERSON, RICHTER and MANZANET-DANIELS, JJ., concur.

OPINION OF THE COURT

MOSKOWITZ, J.

This appeal presents us with the rare opportunity to analyze a completion guaranty. This sort of guaranty differs from an instrument that guarantees payment. A guarantee of payment typically guarantees a borrower's debt. A completion guaranty guarantees the completion of a project (usually a construction project) should the borrower be unable to do so. Unlike a payment guaranty that is enforceable only after the primary...

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