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EUROPEAN AM. BANK v. LOFRESE

182 A.D.2d 67 (1992)

European American Bank, Respondent, v. Arthur Lofrese, Appellant. (Action No. 1.) European American Bank, Respondent, v. Competition Motors, Ltd., et al., Appellants, et al., Defendants. (Action No. 2.)

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

August 17, 1992

Attorney(s) appearing for the Case

Julian Kaplan, Great Neck, for Competition Motors, Ltd., and another, appellants.

Hayt, Hayt & Landau, Great Neck (Ralph Pernick of counsel), for respondent.

BALLETTA, J. P., MILLER and SANTUCCI, JJ., concur.

PIZZUTO, J.

The defendant Competition Motors, Ltd. (hereinafter Competition) was an automobile dealership whose stock was owned by the defendants Anthony D'Angelo and John Grecco. In order to obtain the necessary financing for the purchase of new and used vehicles, Competition entered into a type of financing agreement known as an Automobile Dealer Floor Plan Loan Agreement...

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