Orix Credit Alliance, Inc. v. Northeastern Tech Excavating Corp.
Appellate Division of the Supreme Court of the State of New York
1Opinion of the CourtCardona, P. J.
Appeal from an order of the Supreme Court (Torraca, J.), entered January 12, 1994 in Ulster County, which, inter alia, granted plaintiff’s motion for summary judgment against defendants Claudio Carrero and Carmen Nieto.
On December 13, 1989, defendant Claudio Carrero (hereinafter defendant) and Newquip Machinery Company, Inc. executed an "equipment lease agreement” (hereinafter the lease agreement) for certain machinery. The lease was for a term of 47 months at a monthly rental of $1,080. The lease required defendant to grant Newquip a security interest in after-acquired property and, in the…
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