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BNY FIN. CORP. v. CLARE

172 A.D.2d 203 (1991)

BNY Financial Corporation, Formerly Known as Irving Commercial Corporation, Appellant, v. James Clare, Respondent, et al., Defendant

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

April 4, 1991

This is an action to recover on a guaranty by defendants, James Clare and David Jacobs, of a factoring agreement between the plaintiff and Turtle Bay Apparel Corporation ("TBA"). Both are principals and officers of TBA. The factoring agreement, dated and effective as of June 14, 1988, provided, inter alia, that TBA "assign and sell to [plaintiff], as absolute owner, and [plaintiff] hereby purchase from [TBA] all `Receivables' * * * created on or after the Effective...

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