Defendant Roger D. Ives (hereinafter defendant) had a loan with the Bank of Richmondville (hereinafter the Bank) with an outstanding balance of $103,000 and an unsecured line of credit with an outstanding balance of approximately $40,000. The loan was secured by a drilling rig owned by defendant. Following defendant's default upon both obligations, defendant and the Bank entered into an agreement whereby the line of credit was converted into...
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