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HSBC BANK USA v. NATIONAL EQUITY CORP.

279 A.D.2d 251 (2001)

719 N.Y.S.2d 20

HSBC BANK USA, Appellant, v. NATIONAL EQUITY CORP., Respondent.

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

Decided January 4, 2001.

HSBC's predecessor-in-interest (Republic National Bank of New York now merged with HSBC), acting as agent for a syndicate of lenders, entered into a Revolving Credit Agreement with defendant National Equity Corp. (NEC) for a principal sum of $20 million, extended on a revolving basis, which NEC would then re-loan to its own customers. This debt was secured pursuant to a Continuing General Security Agreement, a Collateral Assignment of Notes, and a Collateral Assignment of...

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