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BOSTWICK-WESTBURY v. TRAD CO

94 Misc.2d 401 (1978)

Bostwick-Westbury Corp., Plaintiff, v. Commercial Trading Company, Inc., et al., Defendants.

Civil Court of the City of New York, Trial Term, New York County.

May 8, 1978

Attorney(s) appearing for the Case

Howard & Blau (Seymour Howard of counsel), for plaintiff. Colman & Liner (Leon Liner of counsel), for Commercial Trading Company, Inc., defendant. Arthur J. Singer for 20th Century Industries, Inc., defendant.

NORMAN C. RYP, J.

"Bonus" or "Precomputed Interest" Legal Lenders Reward or Improper Numbers Game?

A. FACTS

The plaintiff, Bostwick-Westbury Corp. (Bostwick) loaned Clermont Operating Corp. (Clermont) the sum of $23,000 on July 25, 1972, secured by a security agreement (chattel mortgage) dated October 13, 1972 (PX No. 1). PX No. 1 pledged fixtures and equipment owned by Clermont. Financing...

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