Kaichen's Metal Mart, Inc. v. Ferro Cast Co.

Opinion

STONE (S. J.), P. J.

Appellant Kaichen’s Metal Mart, Inc., challenges the trial court’s order denying its motion to declare respondent Rohr Industries, Inc.’s senior secured lien invalid. We affirm.

This case presents a question of competing liens held by appellant (Kaichen’s) and respondent (Rohr), creditors of respondent Ferro Cast Company (Ferro).

Rohr’s senior lien is based on a $600,000 loan it made to Ferro in June 1986. In consideration for the loan, Ferro executed a promissory note in favor of Rohr stating that the amount loaned was due and payable on July 1, 1988. In order to…