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STERLING NATIONAL BANK v. ISRAEL DISCOUNT BANK OF NEW YORK

305 A.D.2d 184 (2003)

762 N.Y.S.2d 584

STERLING NATIONAL BANK, Appellant, v. ISRAEL DISCOUNT BANK OF NEW YORK, Respondent. STERLING NATIONAL BANK, Appellant, v. MERCHANTS BANK OF NEW YORK, Respondent.

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

Decided May 8, 2003.

These are separate actions consolidated for consideration of motions involving the same plaintiff and issues. Insofar as is here relevant, the three participation agreements at issue are identical. Each defendant purchased a 100% participation interest in loans made by Sterling to nonparty David Schick, Sterling's second-largest customer. IDB paid $1 million on Sterling's loan to Schick of the same amount, while Merchants paid $200,000 on Sterling's $200,000 loan to Schick...

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