National Westminster Bank USA v. Petito

—Order, Supreme Court, New York County (Phyllis Gangel-Jacob, J.), entered May 8, 1992, which granted defendant’s cross motion for summary judgment dismissing the complaint, and denied plaintiff’s motion for summary judgment, unanimously affirmed, with costs.

On November 4, 1983 Hydrodyne Industries, Inc. entered into an accounts receivable loan agreement, a term note and a security agreement ("the loan agreements”) with plaintiff National Westminster Bank USA ("the Bank”), and granted the Bank a security interest in all of its assets. As further security for the loans defendant Joseph Petito,…