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Judge Peck http://nycourts.law.com/CourtDocumentViewer.asp?view=Document&docID=44396 PLAINTIFF AND defendant entered into a partnership agreement. The partnership anticipated tax benefits due to ownership of a housing project. On Jan. 12, 2001, plaintiff sued defendant. On July 17, 2001, the parties settled the action. Under the agreement, defendant was to pay plaintiff $3.2 million at closing and $1 million six months after the closing date. Plaintiff received $3.2 million. On April 26, 2002, plaintiff brought a second suit against defendant, alleging failure to pay the remaining $1 million. On Sept. 27, 2002, the parties settled the second action and reaffirmed the first settlement agreement. The court now considered cross-motions for summary judgment, involving interpretation of a clause in the first settlement agreement, providing that defendant’s failure to maintain a surety bond constituted a breach. The court granted plaintiff’s motion. It said that third party defendant’s indemnity obligation did not provide the same protection as defendant’s surety bond.

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