Plaintiff commenced this action to recover principal and interest based upon an alleged default under a loan agreement entered into between the parties on June 27, 1986. Plaintiff loaned defendant $4,669,000, of which $4,000,000 was used to retire a loan guarantee to plaintiff's predecessor by a company affiliated with defendant. The loan was secured by a chattel mortgage and collateral assignments, payments from which were applied to the principal, with part of the remainder...
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