Boyd and Spero Obtain Summary Judgment Pursuant to CPLR 3213August 19, 2019 |
J’Naia Boyd and Matt Spero successfully obtained summary judgment in lieu of complaint pursuant to CPLR 3213 for money due and owing under certain guarantees of promissory notes owed to our client.
In the case, a borrower had obtained two loans for the purchase of a commercial property, and each loan was guaranteed by the defendants. The borrower and the defendants subsequently defaulted under the respective notes and guarantees.
Boyd and Spero contended that the notes and guarantees were instruments for the payment of money, that they remained due, and that the loan balances had been confessed to. Defendants opposed the motion, raising, among other things, a standing defense based on residential mortgage foreclosure cases. The Commercial Division of the Suffolk County Supreme Court rejected defendants’ arguments as inapplicable to the commercial loans and found that the promissory notes and guarantees constituted instruments for the payment of money for which CPLR 3213 is applicable. As a result, the Court granted our client’s motion for summary judgment in lieu of complaint in its entirety.
- Matthew V. Spero
- J'Naia L. Boyd