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DURSO SUPERMARKETS, INC. v. D'URSO

193 A.D.2d 377 (1993)

596 N.Y.S.2d 827

Durso Supermarkets, Inc., Appellant, v. Florence B. D'Urso, Trustee, as Assignee of Florence B. D'Urso, Executrix of Camillo J. D'Urso, Deceased, Respondent

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

May 4, 1993

The Key Foods supermarket chain, which was operated by Durso Supermarkets, Inc., was sold for $43.5 million by defendant Florence B. D'Urso, the founder's widow, to a company owned by plaintiff's current principal. A portion of the stock purchase was financed by means of an $8.2 million note secured by a mortgage on a number of parcels of real estate already owned by plaintiff, and the entire balance was due on September 1, 1991. As part of the same transaction, the parties...

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