Prudential Brief

Prudential Brief - Karissa LeBlanc February 4 2008 Case...

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Unformatted text preview: Karissa LeBlanc February 4, 2008 Case Brief PRUDENTIAL INSURANCE COMPANY OF AMERICA v. GILMARTIN Supreme Court, New York County 80 N.Y.2d 377. FACTS In early 1986, United States Lines ("U.S. Lines") informed the Prudential Insurance Company of America ("Prudential") that it was anticipating difficulty in meeting its debt obligations. Prudential subsequently agreed to a restructuring of a $92,885,000 debt in connection with a 1978 loan, requiring that they receive an opinion from Messrs. Gilmartin, Poster & Shafto ("Gilmartin"). Gilmartin thereafter drafted and delivered an opinion letter to Prudential which contained an assurance that the mortgage documents that were to be recorded in connection with the debt restructuring and which, incidentally, had been prepared by other counsel, represented "legal, valid and binding" obligations of U.S. Lines. Prudential later learned that one of the recorded documents erroneously stated the outstanding balance of the first preferred fleet mortgage securing the debt as $92,885. As erroneously stated the outstanding balance of the first preferred fleet mortgage securing the debt as $92,885....
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