NY Supreme Court Denies Capital One EF Motion to Collect $33.7MM Medallion Loans

According to New York Supreme Court documents, Capital One Equipment Finance’s motion to recover payment on 22 loans totaling $33.7 million, plus interest, late fees, costs and expenses against the borrowers and guarantors on New York taxi-medallion loans based on notes executed by the borrowers and corresponding unconditional monetary guaranties, was denied by the court.

The plaintiff, Capital One Equipment Finance, moved for an order granting summary judgement on damages against the defendant guarantors, who are the industrial defendants in this action, and the defendant borrowers, who are the entity defendants in this action.

On a motion, Supreme Court Justice Timothy S. Driscoll denied the motion for summary judgement ruling that the defendants should be permitted to obtain from plaintiff discovery, which, at the very least, should include (a) the underlying documents that form the basis of the loan summaries and payment histories on which plaintiff relies in support of its motion and (b) depositions of individual(s) with knowledge regarding the determination of damages.

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Terry Mulreany
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