City of Albany Industrial Development Agency v. Garg
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 (Graffeo, J.), entered March 27, 1997 in Albany County, which denied defendants’ motion to vacate the default judgment entered against them.
This appeal arises out of a commercial loan transaction that became unsuccessful when Thruway Investments, a limited *992partnership in which defendants Jagadish Garg and Pushpa Garg are the general partners, defaulted on a $500,000 loan made to it by plaintiff in July 1989. In exchange for the loan, Thruway Investments gave plaintiff a third mortgage on its interest in a 99-year ground lease covering property located…
2Cases cited4 opinions
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- S.A.B. Enterprises, Inc. v. Stewart's Ice Cream Co.Appellate Division of the Supreme Court of the State of New York · 1997
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- Savago v. PayneAppellate Division of the Supreme Court of the State of New York · 1991
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