Legal Opinion
JMD Holding Corp. v. Congress Financial Corp.
New York Court of Appeals
Decided March 31, 2005PublishedCited by 186 opinions
1Opinion of the Court
OPINION OF THE COURT
Read, J.
In this action, JMD Holding Corp. seeks to recover $600,000 charged to its loan account by Congress Financial Corporation for early termination of the parties’ $40 million commercial revolving loan agreement. After JMD paid off its outstanding loans, Congress also retained leftover funds in JMD’s account as a cash collateral reserve to cover losses, including attorneys’ fees, allegedly related to JMD’s contingent obligations under the loan agreement. JMD also seeks to recover these funds. For the reasons discussed below, we conclude that JMD has not satisfied its…
2Cases cited18 opinions
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- Merritt Hill Vineyards Inc. v. Windy Heights Vineyard, Inc.New York Court of Appeals · 1984
- Truck Rent-A-Center, Inc. v. Puritan Farms 2nd, Inc.New York Court of Appeals · 1977
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3Cited by186 opinions
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- NML Capital v. Republic of ArgentinaCourt of Appeals for the Second Circuit · 2010
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