Gateway National Bank of Chicago v. Saxe, Bacon & Bolan

Order, Supreme Court, New York County, entered March 14,1972, denying plaintiff’s motion for summary judgment, unanimously reversed, on the law, and the motion granted. Appellant shall recover of respondent $60 costs and disbursements of this appeal. Plaintiff is suing to recover on an account assigned to it by one of its borrowers as security for a loan now in default. Defendant, whose account was assigned, claims it never received any formal notice of such assignment and is therefore not precluded from raising a defense and a counterclaim to plaintiff’s cause of action. The defense is based…