First City Division of Chase Lincoln First Bank v. Vitale
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
OPINION OF THE COURT
Levine, J.
In 1965, Catskill Forest Products, Inc. (Forest) borrowed $150,000 from the First National Bank of Hamden under a Small Business Administration (SBA) guaranteed loan program. The loan was evidenced by a promissory note and secured by a mortgage on a building in the Village of Walton, Delaware County, and a security agreement covering Forest’s machinery and equipment contained therein. As part of the transaction, defendants executed an unconditional guarantee of payment, on an SBA standard form, under which they granted the lender "full power, in its uncontrolled…
2Cases cited7 opinions
- Citibank, N. A. v. PlapingerNew York Court of Appeals · 1985
- United States Ex Rel. Small Business Administration v. MorrisDistrict Court, E.D. Pennsylvania · 1981
- Federal Deposit Insurance v. Herald Square Fabrics Corp.Appellate Division of the Supreme Court of the State of New York · 1981
- Indianapolis Morris Plan Corp. v. KarlenNew York Court of Appeals · 1971
- Executive Bank of Fort Lauderdale v. TigheNew York Court of Appeals · 1981
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