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Newbank v. Seventh Ave. Fine Foods Corp.

Newbank Granted Summary Judgment on Complaint in Contract Breach Claim Against Guarantors

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The following e-filed documents, listed by NYSCEF document number (Motion 001) 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67 were read on this motion to/for                JUDGMENT — SUMMARY. DECISION + ORDER ON MOTION   In this action for breach of contract, plaintiff Newbank moves pursuant to CPLR 3212 for summary judgment on its complaint against defendants Seventh Avenue Fine Foods Corp., 532 Madison Avenue Gourmet Foods, Inc., Michael Park, and Ryung Cho. Defendants cross-move pursuant to CPLR 3211(a)(4) to stay this action pending the determination of a motion to consolidate in a now-disposed action pending in New York County entitled Park et. al. v. Newbank, et. al. (Park II), Index no. 651048/2017. BACKGROUND On February 22, 2013, Seventh Avenue Fine Foods Corp. (Seventh Avenue) executed a Note wherein it borrowed the principal amount of $800,000 from Newbank and agreed to repay the principal sum, plus interest by way of monthly payments (NYCEF # 9, Note at 4). Seventh Avenue and Newbank also entered into the Business Loan Agreement (Agreement) wherein Newbank agreed to comply with the terms and conditions of the Note (NYSCEF # 10, Agreement at 3, 4). Further, defendants 532 Madison Avenue Gourmet Foods, Inc., Michael Park, and Ryung Hee Cho entered into the Unconditional Guarantee (Guarantee) wherein they each unconditionally guaranteed payment of all amounts owing under the Note upon demand (NYSCEF # 11, Guarantee at

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