[DOWNLOAD] "Leumi Financial Corporation v. Morton J. Richter Et Al." by Court of Appeals of New York # eBook PDF Kindle ePub Free

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eBook details

• Title: Leumi Financial Corporation v. Morton J. Richter Et Al.
• Author : Court of Appeals of New York
• Release Date : January 31, 1966
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 66 KB

Description

On November 15, 1962 plaintiff loaned to defendant Richter $150,000 on a long-form promissory note which stated that interest was to be at the rate of 10% per year and the payment was to be ""On Demand"". As collateral security plaintiff received ""over the counter"" corporate stock (some on November 15 and some, as agreed, a few days later) then valued in the market at $64,600, or a little more than 40% of the amount loaned. Defendants Wolf, Spilky and Eckhaus signed and delivered to plaintiff their guarantees of payment of the note. The three guarantors are principal officers and stockholders of Wolf Corporation, which deals in real property, and the money was borrowed to finance defendant's purchases of Wolf Corporation stock. Later the pledged stocks sharply declined in price. In April and September, 1963 payments on the note totaling $17,132.78 were made with moneys realized from the sale of some of the Wolf Corporation stock pledged with plaintiff, and another principal payment of $2,867.22 reduced the principal to $130,000 which has not been paid and for which (with interest as hereafter explained) plaintiff obtained against all the defendants the summary judgment here appealed from. Interest on the note was paid to May 1, 1964.

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