Presidential Financial Corp. v. Francis A. Bonanno, Inc.

Ruffin, Judge.

Presidential Financial Corporation appeals from the trial court’s grant of summary judgment in favor of Francis A. Bonanno, Inc. on Presidential’s promissory estoppel claim. Because genuine issues of material fact preclude summary judgment, we reverse.

Presidential extends loans to businesses and uses their accounts receivable as collateral. In 1995, Presidential entered into a business relationship with Moccia Brothers, Inc., a distributor of alcoholic beverages. Presidential extended a revolving line of credit to Moccia Brothers, which executed certain loan agreements in favor…