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TIERNO v. PUGLISI

279 A.D.2d 836 (2001)

719 N.Y.S.2d 350

PETER R. TIERNO, Individually and as a Director and Shareholder of TOWN SQUARE CHEVROLET GEO, INC., Appellant, v. DONALD PUGLISI, Individually and as an Officer and Director of TOWN SQUARE CHEVROLET GEO, INC., et al., Respondents. (Action No. 1.) DONALD PUGLISI, Appellant, v. PETER R. TIERNO, Respondent. (Action No. 2.)

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

Decided January 18, 2001.

Mugglin, J.

In 1992, Peter R. Tierno and Donald Puglisi purchased Ken Wilson Chevrolet. The parties agreed that Tierno would contribute $200,000 for a one-third ownership share and Puglisi would contribute $400,000 for a two-thirds ownership share. The balance of the purchase price was financed through a guaranteed loan from Binghamton Savings Bank (hereinafter BSB), which also acted as the primary lending institution for...

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