First Nat. Bank of Maryland v. Fancy

Decision Date06 November 1997
Citation244 A.D.2d 179,663 N.Y.S.2d 851
Parties, 1997 N.Y. Slip Op. 9136 FIRST NATIONAL BANK OF MARYLAND, et al., Plaintiffs-Respondents, v. Anwar FANCY, et al., Defendants, Michael Berman, Defendant-Appellant.
CourtNew York Supreme Court — Appellate Division

Mark D. Risk, for plaintiffs-respondents.

Israel Weinstock, for defendant-appellant.

Before WALLACH, J.P., and NARDELLI, TOM, MAZZARELLI and COLABELLA, JJ.

MEMORANDUM DECISION.

Order, Supreme Court, New York County (Walter Schackman, J.), entered September 10, 1996, which, in an action under Debtor and Creditor Law § 273 to set aside defendant Business Computing International Inc.'s (BCI) transfer of $100,000 to defendant-appellant Berman, insofar as appealed from as limited by the briefs, granted plaintiffs' motion for summary judgment to the extent of directing Berman to return the money to BCI within 45 days, unanimously affirmed, with costs.

There is no dispute that Berman received $100,000 immediately following the sale of all of BCI's assets to BCI's successor, Business Computing International Group, Inc. (BCIG); that at the time of such payment, BCI was in Chapter 11 reorganization and insolvent; that confirmation of BCI's reorganization plan established Berman (11 U.S.C. § 1141[a] ) as a Class 5 creditor who was to receive 2,000,000 shares of BCI common stock in full settlement of any and...

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2 cases
  • Ivory Dev., LLC v. Roe
    • United States
    • New York Supreme Court — Appellate Division
    • January 21, 2016
    ...546, 503 N.E.2d 102 [1985] ), a principal may sue on claims arising from actions taken by its agent (see First Natl. Bank of Md. v. Fancy, 244 A.D.2d 179, 179, 663 N.Y.S.2d 851 [1997], lv. denied 92 N.Y.2d 803, 677 N.Y.S.2d 73, 699 N.E.2d 433 [1998] ; see generally 24 N.Y. Jur. 2d, Agency a......
  • First Nat. Bank of Maryland v. Fancy
    • United States
    • New York Court of Appeals Court of Appeals
    • June 11, 1998

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