General Motors Acceptance Corp. v. Norstar Bank

OPINION OF THE COURT

Joseph D. Mintz, J.

Plaintiff moves for summary judgment and defendant cross-moves for summary judgment in this action which centers upon the competing claims in a deposit account in defendant *350bank titled in Murphy Oldsmobile, Inc. (hereinafter Murphy). Plaintiff claims priority as a secured creditor, and defendant denies plaintiffs security interest in the account and claims its right of setoff.

The material facts leading up to the exercise of setoff by defendant bank are not in dispute. Murphy operated an automobile dealership which sold new and used automobiles, and…