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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)
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.
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