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http://nycourts.law.com/CourtDocumentViewer.asp?view=Document&docID=46102 Judge Lynch A SUIT arose out of a $7.5 million personal loan that defendant, a senior executive at Global Crossing Ltd., borrowed from plaintiff JP Morgan Chase Bank’s private banking division and failed to pay. The parties disputed who could be held responsible for the loan, made pursuant to a chain of agreements among Global Crossing, defendant, lender banks and JP Morgan Chase Bank entities. The private banking division had loaned defendant the money pursuant to a promissory note and plaintiff issued a letter of credit to the private bank to guarantee the promissory note in case defendant failed to repay it. Plaintiff argued that under the doctrine of equitable subrogation, it stands in the shoes of the private bank and can pursue claims against defendant for breach of the promissory note. The court granted plaintiff summary judgment, finding that the factual issues have no bearing on the legal question of whether plaintiff may subrogate, which requires interpretation of the transactional documents.

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