General Phoenix Corporation, Appellant v. John B. Cabot, Respondent

Summary

The New York Court of Appeals reversed the Appellate Division's denial of summary judgment and held that the guaranty executed by Cabot was a guaranty of payment, that the sale of the pledged stock was proper, that a surety cannot assert a usury defense, and that no genuine issue of material fact remained, so summary judgment should be granted in favor of General Phoenix.