BANK OF NEW YORK v. MURPHY


230 A.D.2d 607 (1996)

645 N.Y.S.2d 800

Bank of New York, Appellant, v. Joseph M. Murphy, Respondent. Merrill Lynch Private Capital Inc., Appellant, v. Joseph M. Murphy, Respondent

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

August 1, 1996


The motion court erred in denying plaintiffs' motions for summary judgment since defendant failed to raise any triable issue of fact. Plaintiffs' interpretation of the agreement at issue was reasonable, consistent with its plain meaning and gave effect to all of its terms, whereas defendant's interpretation rendered meaningless a critical portion of the provision at issue which barred the sale of stock unless defendant's indebtedness to plaintiffs was paid in full. Consequently...

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