Municipal Capital Co. v. Bonny & Clyde Rest. Corp.

OPINION OF THE COURT

William D. Friedmann, J.

This commercial nonjury trial placed in focus certain aspects of a secured Uniform Commercial Code triangular transaction, involving the purchase of restaurant and kitchen equipment. Through the use of a secured conditional sales contract (possession by purchaser and title in seller), a down payment was made by the debtor restaurant operator to the equipment seller, accompanied by promissory notes, secured by a security agreement, and personal guarantees. Shortly thereafter, or simultaneously therewith, the security agreement was assigned, and the…