Condo Exec Personally Liable For $4M Loss: NY Appeals Court

Law360, New York (June 13, 2013, 10:13 PM EDT) -- There was no ambiguity about a real estate executive's intent when he signed an indemnification agreement tied to debt that was supposed to fund Florida condos, a New York appeals court ruled Wednesday, awarding summary judgment to a bond insurer seeking to hold the executive personally liable for $3.9 million in losses. 

The four-judge panel of New York's Appellate Division reversed a lower court decision that there were issues for trial as to whether defendant Alexander Forkosh — representing Mansiana Ocean Residences LLC — had intended...
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