TD Bank, N.A. v. Certified Land Abstract, Inc., 2010 NY Slip Op 31423(U) (N.Y. Sup. Ct. 5/24/2010), 18829/09.

Decision Date24 May 2010
Docket Number18829/09.,Motion Seq. No. 01.
Citation2010 NY Slip Op 31423
PartiesTD BANK, N.A., Plaintiff, v. CERTIFIED LAND ABSTRACT, INC. and ROBERT RUSSO, Defendants.
CourtNew York Supreme Court

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2010 NY Slip Op 31423(U)
TD BANK, N.A., Plaintiff,
v.
CERTIFIED LAND ABSTRACT, INC. and ROBERT RUSSO, Defendants.
18829/09.
Motion Seq. No. 01.
Supreme Court, Nassau County.
May 24, 2010.
Motion Date February 23, 2010.

DENISE L. SHER, Judge.


Upon the foregoing papers, it is ordered that the motion is decided as follows:

Plaintiffs motion for an order, pursuant to CPLR 3212 and U.C.C. 9-601, for summary judgment against defendants Certified Land Abstract, Inc. and Robert Russo for a money judgment with interest at the contractual per diem interest rate from April 6,2010 through the date of entry of judgment; for an Order of Foreclosure in the security interest in certain collateral; and for an award of possession pursuant to the Promissory Note and Security Agreement and Guaranty dated April 26, 2007 is granted.

Plaintiff, TD Bank, N.A. is a successor in interest to Commerce Bank, N.A. Effective

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May 31, 2009, Commerce Bank, N.A. and Commerce Bank/North merged with and into TD Banknorth, N.A., Charter Number 24096. TD Banknorth, N.A. changed its name to TD Bank, N.A. Plaintiff entered into a Promissory Note and Security Agreement with defendant Certified Land Abstract, Inc. which was unconditionally personally guaranteed by defendant Robert Russo. The loan was in the principal amount of $25,000.00.

Pursuant to the terms of the subject Promissory Note and Security Agreement, defendant Certified Land Abstract, Inc. and defendant Robert Russo, as the guarantor, were required to make monthly installment payments of interest at the plaintiffs variable interest rate (Prime + 1.5% per annum), with the entire remaining sum of principal and interest to become due, payable and owing on demand, or if no demand made, on or before the expiration date thereof, i.e., thirty-six (36) months from April 26,2007. Defendants failed to make the payments required under the terms of the Promissory Note and Security Agreement, the subject note having gone into default for the payment due and owing on October 15,2009, and for each and every monthly installment payment due and owing thereafter. Following default, written demand was made on the defendants. As further consideration for making the loan and secure repayment, the defendants, pursuant to the Security Agreement, pledged to the plaintiff as further security certain collateral set forth therein, i.e., inventory, chattel paper accounts, equipment and general intangibles belonging to defendants.

The requested entry of judgment against the defendants, for the monetary sum, is for the sum of money due and owing to the plaintiff under the subject Promissory Note, and said amount can, by simple mathematical computation, be readily ascertained without the necessity of reference or further proceedings herein. Defendants defaulted with respect to the monthly

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payments required thereunder, and in accordance with the terms of the said agreement, the plaintiff made due demand for, and has accelerated the balances due and owing.

The execution of the Promissory Note and Security Agreement, the defendants' default, plaintiffs...

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