FOPECO, INC. v. GEN. COATINGS TECHS., INC.


107 A.D.2d 609 (1985)

Fopeco, Inc., Formerly Known as F. O. Pierce Company, Respondent, v. General Coatings Technologies, Inc., et al., Appellants

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

January 15, 1985


This is an action on a promissory note given by defendant General Coatings (GCT) and guaranteed by GCT's parent company, defendant Pentagon, "[f]or value received and in consideration of the sale and conveyance of * * * assets". The underlying transaction was plaintiff's sale to GCT of its paint supply business and inventory. Given at the closing on the sale, the promissory note called for 13 equal monthly payments, with acceleration of the balance due on default. GCT made...

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