Opinion
March 10, 1998
Appeal from the Supreme Court, New York County (Ira Gammerman, J.).
The three writings on which plaintiff relies clearly constitute a continuing obligation by defendant personally to guarantee repayment of plaintiff's $220,000 loan given to certain real estate projects with which defendant was associated. All three writings recite the same $220,000 loan, and do not lack consideration simply because they were not executed contemporaneously with the loan. Consideration for a guarantee can be past or executed, where, as here, the guarantee recites in writing that it is being given in exchange for a loan and there is no question that the proceeds of the loan were received (General Obligations Law § 5-1105; Liberty Natl. Bank v. Gross, 201 A.D.2d 467; North Fork Bank Trust Co. v. Jay-Ann Assocs., 192 A.D.2d 590, lv dismissed 82 N.Y.2d 705).
Concur — Sullivan, J. P., Wallach, Rubin, Williams and Tom, JJ.