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CHEM. BANK v. PIC MOTORS

87 A.D.2d 447 (1982)

Chemical Bank, Respondent, v. Pic Motors Corp. et al., Defendants, and Aaron Siegel, Appellant

Appellate Division of the Supreme Court of the State of New York, First Department.

July 1, 1982

Attorney(s) appearing for the Case

Lawrence B. Kahn for appellant.

Theodore M. Finkel of counsel (Harold Weisblatt, attorney), for respondent.

SANDLER, J. P., and LUPIANO, J., concur with FEIN, J.; BLOOM and MILONAS, JJ., dissent in an opinion by MILONAS, J.

FEIN, J.

PIC, an established car dealership, entered into an inventory financing agreement with plaintiff bank, pursuant to which the bank agreed to lend funds to PIC periodically under an established line of credit on the security of PIC's inventory of automobiles as collateral. Under this form of agreement, known as floor plan financing, the borrower draws upon the line of credit for the purpose of financing the purchase of automobiles for sale. The...

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