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RAINALDI v. MORAN

214 A.D.2d 836 (1995)

625 N.Y.S.2d 338

Angelo P. Rainaldi et al., Respondents, v. John T. Moran, Appellant

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

April 13, 1995

Yesawich Jr., J.

After negotiating the terms of the transaction with defendant, plaintiffs sold all of the stock in a business they owned to H.F. Raab Plumbing & HVAC, Inc. (hereinafter the corporation), a corporation owned by defendant's mother and wife. The bulk of the purchase price was secured by two promissory notes totaling $1 million, issued by the corporation and guaranteed by defendant personally.

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