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MONCREIFFE CORPORATION v. HEUNG

293 A.D.2d 324 (2002)

740 N.Y.S.2d 321

MONCREIFFE CORPORATION, Respondent, v. ANGELA HEUNG et al., Appellants.

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

Decided April 11, 2002.

In this action to enforce the defendants' unconditional personal guarantees of the financial obligations of Design Apparel Group, Inc. (DAG) in the event of DAG's default on a credit agreement with the Bank of East Asia, Ltd., the motion court correctly deemed defendants bound by the facts alleged in their answer, that following DAG's default and the Bank's resort to cash collateral posted by plaintiff, the Bank assigned to plaintiff all of its rights against DAG under the...

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