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SACHS v. ADELI

16 A.D.3d 175 (2005)

791 N.Y.S.2d 47

RICHARD B. SACHS, Appellant, v. KATAYONE ADELI, Respondent, et al., Defendants.

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

March 10, 2005.

In July 2000, Klothes (NY) LLC (KNY) was formed for the purpose of producing and distributing garments designed by defendant Adeli. The management of KNY was vested in defendant. Plaintiff became an investor. On September 15, 2000, KNY entered into a "Factoring Agreement" with CIT Group/Commercial Services, Inc. (CIT), in conjunction with which defendant executed a "Continuing Guaranty," personally and unconditionally guaranteeing the debts of KNY to CIT. In this guaranty...

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