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United Community Bank v. DPSG Enters. LLC

Entitlement to Summary Judgment Over Loan's Default Not Rebutted

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Attorneys for Plaintiff: Edmond Burke, Esq., of counsel, Chuhak & Tecson, P.C.¹, Chicago, Illinois. MEMORANDUM DECISION AND ORDER I. BACKGROUND Defendants operated a kickboxing gym located in Queensbury, New York. See Dkt. No. 34-1, Defs’ Response and Add’l Stmt. of Material Facts, at 2. On June 29, 2017, Plaintiff United Community Bank, Inc. (“Plaintiff” or “UCB”) made a loan to Defendant DPSG Enterprises, LLC (“Defendant DPSG”) in the original principal amount of $350,000, which is evidenced by a promissory note (“the Note”) that Defendant DPSG executed and delivered. See Dkt. No. 33-2, Pl’s Smt. of Material Facts, at 6. The Small Business Administration (“SBA”) issued the Note, through Plaintiff as an approved lender, pursuant to Section 7(a) of the Small Business Act, 15 U.S.C. §636(a). See Dkt. No. 1-1, Note. Pursuant to the terms of the Note, Defendant DPSG would be in default if, among other things, it did not make a payment when due or experienced adverse financial changes that would lead Plaintiff to believe that Defendant DPSG could not pay its loan. See id. at 4(K); Dkt. No. 33-2 at 8. Defendants Philip Moraci and Dana Moraci (collectively referred to as “the Moraci Defendants”) also guaranteed the Note through SBA Unconditional Commercial Guaranties, in which they promised to pay all amounts due under the Note upon Plaintiff’s written demand. See id. at

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