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PAF-PAR LLC v. SILBERBERG

12212, 652243/12.

118 A.D.3d 446 (2014)

987 N.Y.S.2d 361

2014 NY Slip Op 4049

PAF-PAR LLC, Appellant, v. MICHAEL SILBERBERG et al., Respondents.

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

Decided June 5, 2014.

It is well settled that since a guaranty "is a contract of secondary liability ... a guarantor will be required to make payment only when the primary obligor has first defaulted" (Weissman v Sinorm Deli, 88 N.Y.2d 437, 446 [1996]). Here, there is no dispute that defendants guaranteed the payment of the borrower's obligations under a promissory note, and that the borrower satisfied its obligations under the note, as modified by the...

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