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ACTIVE MEDIA SERVICES, INC. v. GRANT PRIDECO, INC.

35 A.D.3d 165 (2006)

826 N.Y.S.2d 889

ACTIVE MEDIA SERVICES, INC., Appellant, v. GRANT PRIDECO, INC., Respondent.

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

Decided December 5, 2006.

In 1998, defendant, a leading manufacturer of oilfield drill pipe and tubular products, purchased from plaintiff, an international corporate trader, certain trade credits, the value of which was insured on a one-dollar-for-one-trade credit basis. A portion of the purchase price for the credits was financed by National Westminister Bank (NatWest) partially in exchange for an assignment of the right to first proceeds of any insurance recovery so that in the event the credits...

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