FRIEDLAND v. CAP JULUCA PARTNERS

In the order of July 7, 1993, the validity of the parties' pledge agreement was upheld and defendant-appellant was directed to take all actions necessary to transfer ownership interest in the pledged shares to plaintiffs. The IAS Court properly refused to modify that order to direct delivery of the stock to defendant-appellant upon payment of the amounts owed ( see, UCC 9-505; 9-506), since there was no evidence of a valid tender of payment of the indebtedness ( see, Jamaica Sav. Bank v Sutton, 42 A.D.2d 856, 857), and, in fact, evidence was presented which demonstrated that defendant-appellant was incapable of doing so.

Concur — Rosenberger, J.P., Rubin, Kupferman, Asch and Williams, JJ.