Bussewitz borrowed money from Citibank and signed a promissory note. Pitassi also signed the promissory note as co-maker of the note.
When Bussewitz failed to make payments and defaulted on the note, Citibank, under the terms of the note, declared the entire unpaid balance due and sued both makers. Pitassi defended that he should not be liable because he signed the note only as a favor to Bussewitz and, furthermore, the note did not state when the first installment payment was due; that term had been left blank. Is Pitassi liable?
[Citibank v. Pitassi, 432 N.Y.S.2d 389, Sup. Ct., App. Div., NY (1980)]