Ordered that the order is reversed, on the law, with costs, the motion is granted, the cross motion is denied, and the matter is remitted to the Supreme Court, Suffolk County, for further proceedings consistent herewith.
The defendant, together with the plaintiff and his son, formed a corporation known as Farm Basket Foods, Inc. (hereinafter Farm Basket). On August 27, 1987, the plaintiff loaned $100,000 to Farm Basket at an interest rate of 12% per annum. The loan...
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