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PASCACK BANK v. UNIVERSAL FUNDING

No. A-2501-09T3.

16 A.3d 1097 (2011)

419 N.J. Super. 279

PASCACK COMMUNITY BANK, Plaintiff-Respondent, v. UNIVERSAL FUNDING, LLP, Defendant-Appellant. Universal Funding, LLP, Third-Party Plaintiff, v. Anthony E. Nestico, Third-Party Defendant.

Superior Court of New Jersey, Appellate Division.

Decided March 17, 2011.

Attorney(s) appearing for the Case

Raphael G. Jacobs , Tenafly, argued the cause for appellant (Jacobs and Bell, PA, attorneys; Mr. Jacobs , on the brief).

George M. Pangis argued the cause for respondent (Stern, Lavinthal, Frankenberg & Norgaard, LLC, attorneys; Mr. Pangis , on the brief).

Before Judges SKILLMAN, YANNOTTI and ESPINOSA.

The opinion of the court was delivered by

ESPINOSA, J.A.D.

This action presents the competing interests of two secured creditors in the accounts receivable of a debtor. Defendant Universal Funding LLP (Universal) is a factoring company that purchased accounts receivable from D'Lusso Transport Services, Inc. (D'Lusso). Plaintiff Pascack Community Bank (Pascack) issued a line of credit (LOC) to D'Lusso that was secured, in part, by D'Lusso's accounts receivable...

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