New York's statute of frauds requires that an agreement constituting a special promise to answer for another's debt, default, or miscarriage be memorialized in a writing signed by the party to be charged, pursuant to General Obligations Law § 5-701[a][2]. Notwithstanding the statute, an oral promise to guarantee another's debt may be enforced if the plaintiff proves that the promise is supported by new consideration moving to the promisor and beneficial to the promisor, and that the parties' intention is that the promisor be a principal debtor primarily liable.
Reddy v. Mihos, NY Slip Op 02565 (1st Dep't April 17, 2018)
Here is the decision.
