In this action for breach of contract, plaintiff, Chemical Bank (Chemical), seeks to obtain a judgment against defendants, Alco Gems Corp. (Alco) and its controlling shareholder, Abraham Abraham (Abraham) (collectively defendants), in the amount of $650,000. Plaintiffs further demand interest at the variable rate of ¾% per annum above Chemical's prime rate for the period of January 13, 1985-May 13, 1985, and thereafter at a rate of 1% per annum in excess thereof to the...
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