Sakow v. 633 Seafood Restaurant. Inc – Case Brief Summary (New York)

In Sakow v. 633 Seafood Restaurant. Inc., 227 AD2d 249, 642 N.Y.S.2d 652 [1st Dept. 1996], plaintiffs sought to recover money which they alleged had been loaned to defendant for the construction of a restaurant.

Defendant argued that one-third of the funds was payment for stock in the restaurant and that the remaining two-thirds was a loan which was not repayable until defendant's financial condition permitted repayment.

There was no formal written agreement. There, both parties moved for summary judgment. The trial Court determined that one-third of the funds was an equity investment, but that the remaining funds constituted a loan which was immediately payable.

On appeal by both parties, the Appellate Division reversed, finding, inter alia, that substantial issues of fact existed with respect to whether any of the funds were an investment.

New York Agreement Appeal Appellate Division Case Brief Construction Judgment Summary Judgment

why use lawpipe ?

The largest case briefs database in the U.S (over 60,000 case briefs).
New case briefs and articles updated monthly edited by experts.
Our legal database contains only important rulings and decisions, to ensure efficient and faster legal research.
Our search engine recommends only highly relevant briefs or articles, bypassing the need to browse through hundreds (and sometimes thousands!) of Irrelevant search results.
Search from 2,000+ legal terms keyed to our case briefs and articles, For each term, we show you every case brief and article in our database that relates to that term.