Peters, J.
Property located in the City of Saratoga Springs, Saratoga County, was to be developed into a project known as "The Springs Townhouses" (hereinafter the Springs). Title to the property was held by Springs Associates and funding was arranged with a bank through statutory trust funds. In 1985, an entity called First Venture purchased land and Sydell Zippern, wife of one of the investors, allegedly loaned money to First Venture. At such time, the principals...
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