GENESIS GROUP, LLC v. NORTH AM. ENERGY CREDIT & CLEARING CORP.

8454, 8455, 650604/09, 8456.

100 A.D.3d 434 (2012)

953 N.Y.S.2d 577

2012 NY Slip Op 7415

GENESIS GROUP, LLC, et al., Plaintiffs, v. NORTH AMERICAN ENERGY CREDIT AND CLEARING CORP. et al., Defendants, and NASDAQ OMX GROUP, INC., Respondents. FLATIRON CAPITAL, a Division of WELLS FARGO BANK, N.A., Nonparty Appellant.

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

November 8, 2012.


OMX, although not a party to the escrow agreement, had standing as an "interested" entity under CPLR 5015 to challenge Flatiron's attempt to obtain payment from the escrow fund for more than was allotted it under the agreement's schedule of indebtedness. It was undisputed that OMX was a close affiliate of nonparty Nasdaq OMX Commodities Clearing Company.

Because the additional amount that Flatiron sought to recover from the escrow fund arose from a default on an installment...

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