Trojan Hardware Co. v. Bonacquisti Construction Corp.
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
OPINION OF THE COURT
Harvey, J.
This appeal involves a dispute over the parameters of a bank’s right to setoff under Debtor and Creditor Law § 151. In April 1982, respondent Bonacquisti Construction Corporation opened a savings account at respondent Norstar Bank of Upstate New York into which it deposited $33,500 (hereinafter referred to as account A). The money in account A was assigned to respondent Town of Clarkstown as security to insure site plan compliance by Bonacquisti of construction work it was to complete for Clarkstown.
During 1983 and 1984, Bonacquisti began borrowing from Norstar…
2Cases cited9 opinions
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- Aspen Industries, Inc. v. Marine Midland BankNew York Court of Appeals · 1981
- Norwich Pharmacal Co. v. BarrettAppellate Division of the Supreme Court of the State of New York · 1923
- Michaels v. Chemical BankNew York Supreme Court · 1981
- Sharpe v. First National Bank of AntigoWisconsin Supreme Court · 1936
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