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WELLS FARGO BANK, N.A. v. ADF OPERATING CORP.

50 A.D.3d 280 (2008)

855 N.Y.S.2d 68

WELLS FARGO BANK, N.A., as Trustee of the Captec Grantor Trust II 2000-1, Respondent, v. ADF OPERATING CORP., Defendant, and NANCY LEVY, as Executrix of FRANKLIN J. LEVY, Deceased, et al., Appellants.

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

Decided April 1, 2008.

Plaintiff alleges that it is the successor in interest to the lender under two promissory notes and security agreements executed by ADF LI, LLC, that defendants formed for the purpose of owning and operating two restaurant franchises; that among the provisions of the security agreements was a prohibition against changes in ADF LI's organizational structure or ownership interests without prior written consent of the lender; and that, after 2½ years of timely payment on...

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