Bussewitz borrowed money from Citibank and signed a promissory note. Pitassi also signed the promissory note as
Question:
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)]
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Pitassi is liable UCC 3415 states When the instrument has ...View the full answer
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Related Book For
The Legal Environment of Business
ISBN: 978-0538473996
11th Edition
Authors: Roger E Meiners, Al H. Ringleb, Frances L. Edwards
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