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ROYAL NATIONAL BANK OF NEW YORK v. SECURITY BANK

No. 70 Civ. 2910.

319 F.Supp. 1326 (1970)

ROYAL NATIONAL BANK OF NEW YORK, Plaintiff, v. The SECURITY BANK and Roy L. Baker, Jr., Defendants.

United States District Court, S. D. New York.

December 16, 1970.

Attorney(s) appearing for the Case

Berg, Mezansky & Dorf, New York City, for plaintiff; by David Berg, New York City, of counsel.

Satterlee, Warfield & Stephens, New York City, for defendants; by Robert M. Callagy, New York City, of counsel.

OPINION

POLLACK, District Judge.

The plaintiff, a New York bank, was approached in December, 1967 to lend money to a land development project known as Ozarks Paradise Village, Inc., (OPV hereafter) in the Western District of Missouri which was in need of a revolving credit line. OPV was in the business of selling land in a lakeside project on an installment payment basis calling for 10% cash down payment. It discounted its installment contracts with the...

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