Long Island Trust Co. v. International Institute for Packaging Education, Ltd.
Court of Appeals of New York
344 N.E.2d 377 (N.Y. 1976)
The Bank (plaintiff) loaned money to the Institute (defendant) on a note signed by five guarantors, and guarantor Rochman orally agreed with a Bank employee that any renewal note would likewise require all five signatures; when the Bank later renewed and increased the loan, Rochman delivered a renewal note missing the fifth guarantor D'Onofrio's signature, telling the employee to ensure all proper signatures were obtained, but D'Onofrio never signed. After the Institute defaulted, the Bank sued the Institute and the four signing guarantors, and the trial and appellate courts granted the Bank summary judgment.
Whether evidence of oral conditions placed on the delivery of a promissory note is admissible.