Marine National Bank v. Airco, Inc.

OPINION

WEBER, District Judge.

We have cross-motions for Summary Judgment from plaintiff and original defendant based on the same set of facts. The entry of Summary Judgment as a matter of law is proper.

On February 27, 1970, Marine National Bank (Bank) loaned $15,000 to Crane-ways, Inc. In May of 1970, a second loan for $15,000 was made. On October 13, 1970, Bank made another loan to Craneways, this time of $3,500 and took back a security agreement which was duly recorded. Although the $3,500 note was paid in full on November 2nd, this first security agreement provided for coverage as follows:

“B…