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CHEMICAL BANK v. A POCONO COUNTRY PLACE, INC.

77 Civ. 2905(MEL).

495 F.Supp. 227 (1980)

CHEMICAL BANK, Plaintiff, v. A POCONO COUNTRY PLACE, INC., Defendant.

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

August 13, 1980.

Attorney(s) appearing for the Case

Kaye, Scholer, Fierman, Hays & Handler, New York City, for plaintiff.

Schnapper & Isaacson, New York City, for defendant.

LASKER, District Judge.

A Pocono Country Place, Inc. ("PCP") is a corporation engaged in the acquisition, subdivision, and sale of recreational real estate. Because few of those who purchased PCP's lots were able to finance them on a cash basis PCP arranged installment sales contracts for buyers. On January 25, 1973, PCP entered into a Developer's Agreement ("the Agreement") with Yegen Development Corporation ("Yegen") in which Yegen agreed to buy PCP's customers...

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