Lincoln First Commercial Corp. v. New York State Tax Commission

OPINION OF THE COURT

David B. Saxe, J.

Plaintiff moves for partial summary judgment pursuant to *479CPLR 3212 (e). Defendants New York State Tax Commission (State) and City of New York Department of Taxation and Finance (City) informally cross-move for summary judgment.

Plaintiff is a commercial lending corporation which advanced funds to Joseph Schrager, Inc. (Schrager), a wholesale distributor of cigarettes in the New York Metropolitan area. In return for advancing funds to Schrager, plaintiff received a security interest in Schrager’s general intangibles and proceeds thereof which was perfected…