Order unanimously affirmed without costs.
Memorandum:
Petitioners appeal from an order denying their motion to stay respondent's demand for arbitration. There is no merit to the contention of petitioners that Supreme Court erred in refusing to determine in the first instance whether there existed a valid and enforceable loan agreement. CPLR 7503 (b) provides in part that a party may apply to stay arbitration "on the ground that a valid agreement was not made...
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