Legal Opinion
Advanced Safety Systems NY, Inc. v. Manufacturers & Traders Trust Co.
Appellate Division of the Supreme Court of the State of New York
Decided December 30, 1992No. Appeal No. 1PublishedCited by 4 opinions
1Opinion of the Court
Order unanimously modified on the law and as modified affirmed without costs in accordance with the following Memorandum: Plaintiff Advanced Safety Systems NY, Inc. (ASSI) contracted with defendant Manufacturers and Traders Trust Company (M&T) for a $300,000 line of credit. Pursuant to the terms of a separate agreement, M&T was given a security interest in various forms of collateral including the proceeds of ASSI’s accounts receivable held in a cash collateral account referred to as a Deposit Account. The security agreement permitted M&T to take control of the Deposit Account without notice…
2Cases cited6 opinions
- Walker v. SheldonNew York Court of Appeals · 1961
- Sommer v. Federal Signal Corp.New York Court of Appeals · 1992
- Gillman v. Chase Manhattan Bank, N. A.New York Court of Appeals · 1988
- Quail Ridge Associates v. Chemical BankAppellate Division of the Supreme Court of the State of New York · 1990
- Binks v. FarooqAppellate Division of the Supreme Court of the State of New York · 1991
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3Cited by4 opinions
- Fort Ann Central School District v. HoganAppellate Division of the Supreme Court of the State of New York · 1994
- Advanced Safety Systems NY, Inc. v. Manufacturers & Traders Trust Co.Appellate Division of the Supreme Court of the State of New York · 1992
- Bonnie & Co. Fashions v. Bankers Trust Co.Appellate Division of the Supreme Court of the State of New York · 1999
- Bonnie & Co. Fashions, Inc. v. Bankers Trust Co.Appellate Division of the Supreme Court of the State of New York · 2001