Court Reforms Guaranty To Correct Clerical Error and Save Lender Millions
A single-word drafting error in a guaranty agreement nearly rendered a multimillion-dollar obligation meaningless and unenforceable – until the Appellate Division stepped in to correct it. One lender’s inattention to detail in its contract almost cost it millions.[1] A $135 million construction loan was in default, and the lender commenced a foreclosure action. Years of … Continued
