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FUTIA REALTY CO., INC. v. OLC ASSOCS. LTD. P'SHIP

228 A.D.2d 913 (1996)

644 N.Y.S.2d 420

Futia Realty Company, Inc., Appellant, v. OLC Associates Limited Partnership et al., Respondents

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

June 20, 1996

Crew III, J.

In 1989 Eugene Weiss, a limited partner in defendant OLC Associates Limited Partnership, which consists of, among others, defendant IKS, Inc., executed a memorandum of intent, pursuant to the terms of which Weiss agreed to purchase certain assets held by plaintiff's shareholders. The agreement provided that Weiss or his buyer entity would assume certain indebtedness, including a debt owed to plaintiff by Delta D & I Corporation, a related...

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