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FIRST NEW YORK BANK FOR BUSINESS v. DeMARCO

No. 89 Civ. 5000 (RO).

130 B.R. 650 (1991)

FIRST NEW YORK BANK FOR BUSINESS, Plaintiff, v. Nicholas DeMARCO, Judith DeMarco, John J. Oddo and Livia C. Oddo, Defendants.

United States District Court, S.D. New York.

May 15, 1991.

Attorney(s) appearing for the Case

Hahn & Hessen, New York City (T. Gorman Reilly, Maria A. Arnott, of counsel), for plaintiff.

Henkoff, Kessler, Siegel & Greenberg, New York City (Isaac Henkoff, of counsel), Klein Chapman, Clifton, N.J. (Leonard Peduto, of counsel), for defendants.

OPINION AND ORDER

OWEN, District Judge:

Plaintiff First New York Bank for Business1 entered into a financing arrangement with Leonard Gold Co., Inc., of which defendants Nicholas DeMarco and John Oddo were the President and Secretary, respectively. Between February 8, 1988 and July 14, 1989 the bank extended credit, in varying amounts, to Leonard Gold, secured by the company's personal property,

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