GOLDSTEIN v. LINCOLN SAV. BANK


144 A.D.2d 281 (1988)

Harvey L. Goldstein, as Trustee in Bankruptcy of Ronald J. Parr and Another, et al., Appellants, v. Lincoln Savings Bank, Respondent

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

November 15, 1988


In 1972, the Parr Company of Suffolk, Inc. (Parr Company), whose principal shareholders were Messrs. Ronald J. and Alfred Parr (Messrs. Parr), owned a vacant parcel of land (site) located in Yaphank, New York. The Parr company leased this site to the Suffolk Meadows Quarter Horse Racing Association, Inc. (Suffolk Meadows) for the purpose of constructing a racetrack. However, when Suffolk Meadows abandoned that project in 1973, as a result of a lack of funds, Messrs. Parr...

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