Valley National Bank of Long Island v. Babylon Chrysler-Plymouth, Inc.

Plaintiff bank moves for summary judgment; defendant automobile dealer cross-moves for like relief. The action is on the 1 ‘ full repurchase” agreement executed by defendant dealer on June 2, 1965 when it assigned to plaintiff the retail installment contract under which one Gerardo purchased a vehicle from defendant. Though the first installment due under the contract on August 2, 1965 was not paid, nor were any installments thereafter due paid, plaintiff did not notify defendant of Gerardo’s default or make demand for performance of the “full repurchase” agreement until October 17, 1966. In…