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QUEST EQUITIES CORP. v. BENSON

193 A.D.2d 508 (1993)

598 N.Y.S.2d 186

Quest Equities Corp., Appellant-Respondent, v. Stuart A. Benson, Defendant, and William Landberg, Respondent-Appellant

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

May 20, 1993

Plaintiff Quest Equities Corp. extended a $3 million loan to a partnership, Nathan's Equity Group, controlled by defendant William Landberg. The loan was secured by shares of stock held by the partnership in a third-party corporation, as well as Landberg's personal guaranty of payment. When the partnership defaulted on its note payments, plaintiff declared the unpaid balance immediately due, and this action ensued. Thereafter, in...

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