Danali Enterprises, Inc. v. Staub

Appeal from an order of the Supreme Court (Klein, J.), entered June 9, 1988 in Ulster County, which, inter alia, upon reargument and renewal, granted defendants’ motion for summary judgment dismissing the complaint.

Plaintiff sold its manufacturing business, including real property, plant and equipment, to M & I Wood Enterprises, Inc. (hereinafter referred to as the purchaser) in 1980, and received in payment therefor $50,000 in cash and a note for $225,000 (the purchase-money note). That note was secured by a purchase-money mortgage on the realty and a security agreement covering corporate…