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Secured Transactions Keyed to Lopucki
Genesis Merchant Partners, L.P. v. Gilbride, Tusa, Last & Spellane
Citation:157 A.D.3d 479 (N.Y. App. Div. 2018)
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- Topic: Identifies the topic of law and where this case fits within your course outline.
- Parties: Identifies the cast of characters involved in the case.
- Procedural Posture & History: Shares the case history with how lower courts have ruled on the matter.
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- The Case Brief is the complete case summarized and authored in the traditional Law School I.R.A.C. format. The Pro case brief includes:
- Brief Facts: A Synopsis of the Facts of the case.
- Rule of Law: Identifies the Legal Principle the Court used in deciding the case.
- Facts: What are the factual circumstances that gave rise to the civil or criminal case? What is the relationship of the Parties that are involved in the case. Review the Facts of this case here:
The plaintiffs are related venture capital firms. Between 2008 and 2011, Genesis agreed to make four secured loans totaling $4.425 million to nonparty Progressive Capital Solutions LLC to finance Progressive’s purchase of several portfolios of life insurance policies. In May 2008, Genesis retained Gilbride, Tusa, Last & Spellane, LLC and defendant attorneys, in that firm to represent it in connection with the loans, which Progressive repaid. Gilbride drafted the loan documents, including the collateral assignment of contracts and UCC-1 financing statements for each loan. Gilbride filed a UCC-1 financing statement for the loans. Progressive defaulted on the latter three loans. Thereafter, Genesis contacted the underwriting insurers to collect on the life insurance policies. The underwriters refused to give Genesis any information in connection with the insurance policies.
- Issue(s): Lists the Questions of Law that are raised by the Facts of the case.
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