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Judge Spatt

THE CADLE COMPANY v. DAMADEO — On October 12, 2001, the Cadle Company (“Cadle” or the “plaintiff”) filed a complaint against husband and wife Nicholas J. Damadeo (“Nicholas”) and Deborah Anne Damadeo (“Deborah”) (collectively, the “defendants”) pursuant to New York Debtor Creditor Law sections 273 and 276. The complaint alleges that on or about December 3, 1993, Nicholas J. Damadeo, P.C. (“NJDPC”), a professional corporation owned and operated by Nicholas, borrowed the sum of $105,000 from the plaintiff’s predecessor- in-interest, the Fleet Bank. At that time, Nicholas executed a guaranty of the obligations of NJDPC. The plaintiff seeks monetary damages based on a fraudulent conveyance, namely, that Nicholas improperly conveyed 14 Loft Road Smithtown, New York 11787 (“the property”) to his wife, Deborah, without consideration. As a result of the transfer, the plaintiff contends Nicholas was left insolvent, which fraudulently delayed the collection of a debt owed by NJDPC.

 
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