M.P. Development v. Malone Economic Development Corp.

Appeal from that part of an order of the Supreme Court (Ryan, Jr., J.), entered April 9, 1996 in Clinton County, which granted plaintiffs’ cross motion for summary judgment on the issue of liability.

Plaintiffs applied for a $200,000 loan from defendant, an economic development corporation, to finance the purchase of furniture, fixtures and equipment for a motel that plaintiffs proposed to construct on real property owned by plaintiff M.P. Development in the Village of Malone, Franklin County. By written loan commitment dated August 19, 1994, accepted by plaintiffs on August 22, 1994,…