(Download) "Mellon Bank, N.A. v. United Bank Corp." by United States Court of Appeals for the Second Circuit " eBook PDF Kindle ePub Free
eBook details
- Title: Mellon Bank, N.A. v. United Bank Corp.
- Author : United States Court of Appeals for the Second Circuit
- Release Date : January 09, 1994
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 63 KB
Description
ALTIMARI, Circuit Judge : This appeal concerns the interpretation of a clause of a loan agreement between plaintiff-appellee Mellon Bank, N.A. (""Mellon"") and defendants-appellants United Bank Corporation of New York (""UBC"") and Subsidiaries Employee Stock Ownership Trust (""ESOT"") (collectively herein ""Defendants""). The loan agreement provides for acceleration of the balance of the loan by Mellon in the case of certain ""Events of Default"" by Defendants. At issue is whether the default of a financial covenant by Defendants falls within the loan agreement's definition of ""Events of Default"" which can trigger acceleration of the loan. The district court granted summary judgment for Mellon, finding that the definitional section in question unambiguously includes the default of the financial covenant. For the reasons discussed below, we conclude that summary judgment was improperly granted and remand for further proceedings.