Chemical Bank v. PIC Motors Corp.
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
OPINION OF THE COURT
Fein, J.
PIC, an established car dealership, entered into an inventory financing agreement with plaintiff bank, pursuant to which the bank agreed to lend funds to PIC periodically under an established line of credit on the security of PIC’s inventory of automobiles as collateral. Under this form of agreement, known as floor plan financing, the borrower draws upon the line of credit for the purpose of financing the purchase of automobiles for sale. The bank extends loans within the credit limit based on the value of the vehicles purchased by the borrower. Upon the sale of…
2Cases cited7 opinions
- General Phoenix Corp. v. CabotNew York Court of Appeals · 1949
- Indianapolis Morris Plan Corp. v. KarlenNew York Court of Appeals · 1971
- Federal Deposit Insurance v. Frank L. Marino Corp.Appellate Division of the Supreme Court of the State of New York · 1980
- Executive Bank of Fort Lauderdale v. TigheAppellate Division of the Supreme Court of the State of New York · 1978
- Corn Exchange Bank Trust Co. v. GiffordNew York Court of Appeals · 1935
2 more not listed; retrieve them via the Exa API.
3Cited by21 opinions
- Chemical Bank v. PIC Motors Corp.New York Court of Appeals · 1983
- Chemical Bank v. SeplerNew York Court of Appeals · 1983
- Fehr Bros. v. ScheinmanAppellate Division of the Supreme Court of the State of New York · 1986
- European American Bank v. LofreseAppellate Division of the Supreme Court of the State of New York · 1992
- Walther v. Bank of New YorkDistrict Court, S.D. New York · 1991
16 more not listed; retrieve them via the Exa API.