Catskill Hudson Bank v. A&J Hometown Oil, Inc.

Cross appeals from an order of the Supreme Court (Cahill, J.), entered December 20, 2012 in Sullivan County, which, among other things, denied plaintiffs motion for summary judgment.

In 2011, defendant A&J Hometown Oil, Inc. owed approximately $1.3 million to plaintiff pursuant to loans guaranteed by its principal, defendant James A. Arnott Jr., and secured by mortgages and perfected liens on A&J’s business assets. In July 2011, A&J entered into a written agreement (hereinafter the agreement) to sell many of these assets — not including its existing accounts receivable — to defendant Morgan…