Joseph M. D'ippolito, Plaintiffs-Appellants v. Joseph N. Castoro, Defendants-Respondents; Joseph N…

Summary

The Supreme Court of New Jersey held that co‑guarantors owe each other a duty to pay their proportionate share of a defaulted debt, and that a guarantor who breaches this duty may be deemed a constructive trustee of the debtor's property, even absent fraud. Accordingly, the trial court's dismissal of D'Ippolito's claim was reversed and the case remanded for an accounting of contributions.