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PRIVATE CAPITAL GROUP, LLC v. PRIVATE LENDER SERVICE CORP.

7087, 650338/07.

93 A.D.3d 493 (2012)

939 N.Y.S.2d 852

2012 NY Slip Op 1781

PRIVATE CAPITAL GROUP, LLC, et al., Respondents, v. PRIVATE LENDER SERVICE CORP., et al., Defendants, and GNOSIS LLC, Appellant.

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

Decided March 13, 2012.

The motion court correctly found that Gnosis was not a holder in due course of the mortgages it had acquired using plaintiffs' funds because its principal, Michael Bode, had actual knowledge, and not merely reason to know, of plaintiffs' claim (see UCC 3-304 [7]; Hartford Acc. & Indem. Co. v American Express Co., 74 N.Y.2d 153, 162-163 [1989]). Such knowledge was derived from all the attendant circumstances, including...

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