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UNITED ORIENT BANK v. CAPITAL TESTING CORP.

221 A.D.2d 257 (1995)

634 N.Y.S.2d 70

United Orient Bank et al., Appellants, v. Capital Testing Corp., Respondent, et al., Defendants

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

November 28, 1995

Plaintiffs allege that defendants perpetrated a scheme whereby plaintiffs were prevented from recovering on the security interests they allegedly held in a commercial cooperative unit. However, plaintiffs have no valid claim against Capital Testing. Indeed, the record clearly demonstrates that Capital Testing innocently purchased the unit in question for fair market value, and received the shares allocated to the unit and its proprietary...

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