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JMD HOLDING v. CONGRESS FIN.

4 N.Y.3d 373 (2005)

828 N.E.2d 604

795 N.Y.S.2d 502

JMD HOLDING CORP., Respondent, v. CONGRESS FINANCIAL CORPORATION, Appellant, et al., Defendant.

Court of Appeals of the State of New York.

Decided March 31, 2005.

Attorney(s) appearing for the Case

Otterbourg, Steindler, Houston & Rosen, P.C., New York City (Richard G. Haddad, Daniel Wallen and Stuart J. Wells of counsel), for appellant.

Loeb & Loeb LLP, New York City (David B. Eizenman, Paula K. Colbath and Ronald L. Israel of counsel), for respondent.

Balber Pickard Battistoni Maldonado & Van Der Tuin, PC, New York City (Thomas P. Battistoni of counsel), and Goldberg Kohn Bell Black Rosenbloom & Moritz, Ltd., Chicago, Illinois (Richard M. Kohn and Kenneth Ulrich of counsel), for Commercial Finance Association, amicus curiae.

Chief Judge KAYE and Judges G.B. SMITH, CIPARICK, ROSENBLATT, GRAFFEO and R.S. SMITH concur.

OPINION OF THE COURT

READ, J.

In this action, JMD Holding Corp. seeks to recover $600,000 charged to its loan account by Congress Financial Corporation for early termination of the parties' $40 million commercial revolving loan agreement. After JMD paid off its outstanding loans, Congress also retained leftover funds in JMD's account as a cash collateral reserve to cover losses, including attorneys' fees, allegedly related to JMD's contingent obligations...

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