Sign In
Events
Newsletters
Search

Close

Close Search

Cancel

SEARCH
MY LAW.COMNEW

Int'l Home Care Servs. of N.Y. Inc. v. People's United Bank N.A.

Preliminary Injunction Reversing Bank's Set-Off, Releasing Hold on Account Funds Denied

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MEMORANDUM & ORDER   In this breach-of-contract action removed from state court, Plaintiff seeks entry of a preliminary injunction removing a hold placed on funds in Plaintiff’s bank account with Defendant, and releasing certain funds from that account to Plaintiff. For the reasons stated herein, Plaintiff’s motion for entry of a preliminary injunction is denied. BACKGROUND I. Findings of Fact Pursuant to Federal Rule of Civil Procedure 52(a)(2), the Court makes the following findings of fact in support of its denial of a preliminary injunction against Defendant. In March 2013, Plaintiff opened a business deposit account (the “Account”) at Defendant People’s United Bank, National Association (“Defendant” or the “Bank”). (Affidavit of Frank Ryan (“Ryan Aff.”), Dkt. 13, 4.) The Account was governed by a contract setting forth certain terms and conditions. (Id.

5-6; see also Signature Card, Dkt. 13-1; Business Deposit Account Contract, Dkt. 13-2.) On August 28, 2018, Defendant extended two asset-based loans to Plaintiff in the combined amount of $3.5 million: a secured term loan note for $1,900,000 (the “Term Note”), and a secured revolving credit loan note for $1,600,000 (the “Revolving Credit Note”) (collectively, the “Notes”), for which Plaintiff executed a Security Agreement. (Ryan Aff., Dkt. 13,

Trending Stories

 
Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.

LEARN MORE

More From ALM

Premium Subscription
With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas.
View Now
Team Accounts
Our Team Account subscription service is for legal teams of four or more attorneys. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team.
View Now
Bundle Subscriptions
Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Both options are priced the same.
View Now
Go to CLE Center
New York Legal Awards 2024
September 05, 2024
New York, NY

The New York Law Journal honors attorneys and judges who have made a remarkable difference in the legal profession in New York.


Learn More
GlobeSt. Women of Influence (WOI) 2024
July 22, 2024 - July 24, 2024
Lake Tahoe, CA

GlobeSt. Women of Influence Conference celebrates the women who drive the commercial real estate industry forward.


Learn More
African Legal Awards 2024
September 06, 2024
Johannesburg

The African Legal Awards recognise exceptional achievement within Africa s legal community during a period of rapid change.


Learn More
Go to Events Go to Webcasts
General Counsel

The University of New Mexico (UNM) (https://www.unm.edu/) is seeking nominations, inquiries, and applications for the position of General Co...


Apply Now ›
Insurance Coverage Associate

Maslon LLP is seeking attorney candidates with 4-6 years of experience to join its Insurance Coverage Team. Maslon s Insurance Recovery Grou...


Apply Now ›
Litigation Attorney -- New York

New York-based indie music company seeks full-time litigation attorney. Must have 2 years music business experience. Must be admitted to S...


Apply Now ›
Go to Lawjobs
Lawyers of Distinction
06/27/2024
The American Lawyer

Professional Announcement


View Announcement ›
SMGQ Law
06/21/2024
Daily Business Review

Full Page Announcement


View Announcement ›
Blume Forte Fried Zerres & Molinari
06/14/2024
New Jersey Law Journal

Professional Announcement


View Announcement ›
Go to Professional Announcements