SASCO 1997 NI, LLC v. ZUDKEWICH


767 A.2d 469 (2001)

166 N.J. 579

SASCO 1997 NI, LLC, a Delaware Limited Liability Company, successor-in-interest to ALI, Inc., a Delaware Corporation, Plaintiff-Appellant, v. Arik A. ZUDKEWICH and Rochelle Zudkewich, Defendants-Respondents.

Supreme Court of New Jersey.

Decided March 1, 2001.


Attorney(s) appearing for the Case

Jonathan T.K. Cohen, Closter, argued the cause for appellant (Fischbein Badillo Wagner Harding, attorneys; Mr. Cohen, Jamiee Katz Sussner and Bruce D. Vargo, on the briefs).

Michael S. Etkin, New York City, argued the cause for respondents (Lowenstein Sandler, attorneys).

Joseph Lubertazzi, Jr., Newark, argued the cause for amici curiae New Jersey Bankers Association, Summit Bank and Valley National Bank (Jamieson, Moore, Peskin & Spicer, attorneys for New Jersey Bankers Association, and McCarter and English, attorneys for Summit Bank and Valley National Bank; Mr. Lubertazzi and Dennis R. Casale, of counsel; Steven Beckelman, Sheila E. Calello, Joseph R. Scholz and Chaviva B. Schoffman, on the brief).


The opinion of the Court was delivered by ZAZZALI, J.

In this case, defendant Arik Zudkewich personally guaranteed two large commercial loans in 1989. Within months he transferred his home, later sold for $1.2 million, to his wife for $1.00. The lender gave notice of default to the primary obligor in December 1994, and judgment was entered in July 1997 against defendant. In April 1998, the creditor sued to set aside the transfer...

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