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Case No. 2023 NY Slip Op 03319

Regular Panel Decision

Jun 20, 2023

Winston Salem RI LLC v. Ladder Capital Fin. LLC

This case concerns an appeal by Winston Salem RI LLC against Ladder Capital Finance LLC regarding the dismissal of breach of contract claims. The Appellate Division, First Department, modified a Supreme Court order, reinstating claims related to the payment of forbearance fees and improper foreclosures, while affirming other aspects. The court clarified that a specific loan agreement section does not bar claims not challenging the reasonableness of Ladder's actions. Furthermore, it ruled that demand futility was adequately pleaded under Delaware law and that there is no heightened pleading requirement for breach of contract claims.

Breach of ContractDemand FutilityLoan AgreementsForbearance FeesImproper ForeclosuresAppellate ReviewDelaware LawPleading RequirementsContractual InterpretationMotion to Dismiss

References

Case No. MISSING

Regular Panel Decision

Apr 29, 2014

Priestley v. Panmedix Inc.

Katherine Priestley, a judgment creditor of Panmedix, Inc., initiated a lawsuit to set aside a Security Agreement between Panmedix and a group of its creditors (Respondent Creditors) as a fraudulent conveyance under New York Debtor and Creditor Law. The Security Agreement, executed after Priestley's security interest expired, granted interests in Panmedix's assets to its insiders (officers, directors, shareholders, and their affiliates) and other creditors. The court found the agreement to be constructively fraudulent due to disproportionately small consideration (four months' forbearance) and actual fraud, evidenced by numerous "badges of fraud," including the close relationship between parties, the unusual nature of the transfer, and the transferor's awareness of Priestley's claim and inability to pay. The agreement preferentially treated a controlling group of shareholders and insiders to the detriment of Priestley. Consequently, the Court granted Priestley's motion for summary judgment and denied the respondents' motion, deeming the Security Agreement a fraudulent conveyance.

Fraudulent ConveyanceSummary JudgmentSecurity AgreementDebtor and Creditor LawNew York LawInsider TransactionsPreferential TreatmentUCC Financing StatementJudgment CreditorPanmedix Inc.

References

Case No. MISSING

Regular Panel Decision

Sep 08, 1998

Finnegan v. University of Rochester Medical Center

The plaintiff, whose name is not stated, was treated at the University of Rochester Medical Center’s Strong Memorial Hospital from February to June 1995, accruing over $50,000 in bills. Plaintiff claims the Hospital agreed to forbear collection until his Social Security disability appeal was resolved, but then allegedly reneged by sending the account to collection agencies Rochester Credit Center, Inc. (RCC) and CBC Companies, Inc. (CBA) and reporting negative credit information. Plaintiff sued the Hospital for violations of the Fair Credit Billing Act (FCBA), New York General Business Law, breach of contract, negligence, and negligent infliction of emotional distress. Plaintiff also sued RCC and CBA for violations of the Fair Debt Collection Practices Act (FDCPA), New York General Business Law Article 29-H, and negligence. The court granted the Hospital's motion to dismiss the FCBA claim, dismissing its state law claims without prejudice. The court denied RCC and CBA's motions to dismiss the FDCPA and negligence claims but granted their motions to dismiss the New York General Business Law Article 29-H claim.

Fair Credit Billing Act (FCBA)Fair Debt Collection Practices Act (FDCPA)Motions to DismissSupplemental JurisdictionConsumer CreditDebt CollectionCredit ReportingNegligenceBreach of ContractNew York General Business Law

References

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Winston Salem RI LLC v. Ladder Capital Fin. LLC

Breach of ContractDemand FutilityLoan AgreementsForbearance FeesImproper ForeclosuresAppellate ReviewDelaware LawPleading RequirementsContractual InterpretationMotion to Dismiss

Priestley v. Panmedix Inc.

Fraudulent ConveyanceSummary JudgmentSecurity AgreementDebtor and Creditor LawNew York LawInsider TransactionsPreferential TreatmentUCC Financing StatementJudgment CreditorPanmedix Inc.

Finnegan v. University of Rochester Medical Center