Westchester County Supreme Court grants summary judgment to Firm’s client awarding contribution from co-guarantors on payment of a $3,000,000 guaranty

In an action for contribution related to a guaranty executed by members of an LLC related to a real estate development project, the Firm successfully moved for summary judgment on behalf of its client, the Estate of one of the guarantors, for contribution against the co-guarantors in the amount of $1,011,589.41 each.  In awarding summary judgment to the Estate, and denying Defendants’ motion for summary judgment, the Court determined that Defendant’s defenses, including that the Estate’s payment of the debt was a voluntary payment, that a pledge agreement was intended to be the primary collateral for the loan, and that there was misconduct that prejudiced the co-guarantors which would make contribution inequitable, were without factual basis. Eric J. Mandell represented the Firm’s client in this case. Read the decision here.