Marine Midland Bank v. CMR Industries, Inc.
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
OPINION OF THE COURT
Balletta, J.
In the instant case, the individual defendants executed *96guarantees for the payments of loans made to the corporate defendant, which agreements contained language purportedly waiving all rights that they may have had with respect to the collateral securing the loans. We take this opportunity to clarify the rule in this Department that where a transaction, such as the instant one, is governed by Uniform Commercial Code article 9, a purported waiver of the right to the commercially reasonable disposition of collateral as set forth in UCC 9-504 is null and void.
On…
2Cases cited22 opinions
- Schwartz v. Public AdministratorNew York Court of Appeals · 1969
- Gramatan Home Investors Corp. v. LopezNew York Court of Appeals · 1979
- People v. BerkowitzNew York Court of Appeals · 1980
- Gilberg v. BarbieriNew York Court of Appeals · 1981
- People v. Lo CiceroNew York Court of Appeals · 1964
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3Cited by32 opinions
- Bank of China v. David C.W. ChanCourt of Appeals for the Second Circuit · 1991
- National Operating, L.P. v. Mutual Life InsuranceWisconsin Supreme Court · 2001
- Walther v. Bank of New YorkDistrict Court, S.D. New York · 1991
- Barclays Bank of New York v. Heady Electric Co.Appellate Division of the Supreme Court of the State of New York · 1991
- Topical Jewelers, Inc. v. Nationsbank, NaDistrict Court of Appeal of Florida · 2000
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