Chemical Bank New York Trust Co. v. State

On January 23, 1964 claimant loaned $2,500 to 575 Mediterranee Ltd., a New York corporation, to be used as a deposit in conjunction with its application to the New York State Liquor Authority for a restaurant liquor license and retail credit permit. As evidence of, and security for the loan, 575 Mediterranee Ltd. executed and delivered, by its president and sole stockholder, a promissory note and written assign*426ment to claimant of its right, title and interest in the refund in the event licenses were not granted. On January 21, 1964 claimant-assignee, a domestic corporation, issued its checks…