First Call Friendly Note Buyers, Inc. v. McMenamy

Appeal from an order of the Supreme Court (Bradley, J.), entered August 28, 2006 in Ulster County, which, inter aha, granted plaintiffs motion for summary judgment on the issue of liability.

In November 2005, the parties entered into a written contract whereby defendant agreed to sell a mortgage note, secured by property located in St. Lawrence County, to plaintiff for a purchase price of $135,124.67. The contract included a liquidated damages provision establishing damages in the event of a default by defendant in the amount of 10% of the purchase price, along with the costs of any resulting…