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R&R CAPITAL LLC v. MERRITT

8033. 604080/05.

168 A.D.3d 436 (2019)

90 N.Y.S.3d 36

2019 NY Slip Op 00067

R&R Capital LLC et al., Appellants, v. Linda Merritt, Also Known as Lyn Merritt, Respondent.

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

Decided January 8, 2019.

A prior ruling by Justice Ramos correctly found that the operating agreements of the LLCs did not require either party to fund the LLCs, and they clearly state what remedy the party who does fund the LLCs has in the event the other party does not fund its 50%. That is, the funding party could pay into the LLCs the other party's share of the funding, and treat it as a loan to the LLCs, with an interest rate of 12%. Because defendant...

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