De Lage Landen Financial Services vs. Frydman - Company

SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF NEW YORK

- ------------- -------------------- ----------------- - DE LAGE LANDEN ANANCIAL SERVICES, INC.,
Index No.
Plaintiff,
SUMMONS
- against FRYDMAN & COMPANY

d/b/a FRYDMAN & COMPANY INC.,
---------------------------------------
..
""'
04604402
TO THE ABOVE NAMED DEFENDANT :
YOU ARE HEREBY SUMMONED and required to serve upon the plaintiff s
attorney an answer to the complaint in this action within twenty (20) days after
service of this summons, exclusive of the day of service, or within thirty (30) days
after the service is complete if this summons is not personally delivered to you
within the State of New York. In case of your failure to answer, judgment will be
taken against you by default for the relief demanded in the Complaint.
The basis for the venue designated is defendant's principal place of business
within the State of New York.
Dated: New York, New York
December 28, 2004
By.
BRYAN . W
Attomeys for Plaintiff
De Lage Landen Financial Services,
Inc. 80 Fif th Avenue, Suite 1401
New York, New York 10011-8002
(212) 691-2313
Supreme Court Records Online Library page 1 of 10
TO:
Frydman & Company d/b/a Frydman & Company Inc.

111 Fulton Street
New York, New York 10038
2
SUPREME COURT OF THESTATE OFNEW YORK

COUNTY OF NEW YORK
---------
----x
DE LAGE LANDEN FINANCIAL SERVICES, INC.,
Index No.
Plaintiff,
- against -
COMPLAINT
FRYDMAN & COMPANY

d/b/a FRYDMAN & COMPANY INC.,
------------------------------X
Defendant.
Plaintiff, De Lage Landen Financial Services, Inc. (hereinafter ''DLL"), by its

attorneys, Foster & Wolkind, P.C., as and for its complaint against defendant, Frydman
& Company d/ b/a Frydman & Company Inc., respectfully alleges as follows:
1. At all relevant times mentioned herein, DLL was and still is a corporation organized and
existing under and by virtue of the laws of the State of Delaware, with offices located at
1111 Old Eagle Road, Wayne, Pennsylvania.
2. At all relevant times mentioned herein, DLL was and still is authorized to do business
within the State of New York.
3. Upon information and belief, at all relevant times mentioned herein, defendant was and
still is a corporation organized and existing under and by virtue of the laws of the State
of Delaware, with its principal place of business located at 111 Fulton Street, New York,
New York.
Supreme Court Records Online Library - page 3 of 10
AS AND FOR A FIRST CAUSE OF ACTION

4. DLL repeats and realleges each and every allegation contained in paragraphs one
through three above as if fully set forth at length herein.
5. On or about April 15, 2003, defendant and DLL executed and entered into an
equipment lease agreement (hereinafter the "Lease"). A copy of the Lease is annexed
hereto as Exhibit "A" and made a part hereof.
6. Pursuant to the terms of the Lease, defendant agreed to lease from DLL during the
initial term of the Lease, certain equipment
(hereinafter
the "Equipment") more
particularly described in the Lease, an aggregate rental value of $37,368.00 payable in

thirty-six (36) consecutive monthly installments over the course of thirty-six
(36) months (hereinafter the "Initial Term"), each installment in the amount of $1,038.00,
plus applicable taxes thereon.
7. On or before April 15, 2003, the Equipment was delivered to defendant and defendant
commenced making lease payments thereunder.
8. Defendant made twelve (12) payments under the Lease through March, 2004, and
thereafter defaulted under the Lease and breached the Lease by failing to make the
payment which became due on April 12, 2004, and by failing to make any further
payments thereunder.
2
Supreme Court Records Online Library - page 4 of 10
9. As a result of defendant's default, and at the election of DLL pursuant to paragraph eight
(8) of the Lease, all of the obligations of defendant, due and to become due under the
Lease, became immediately due and payable.
10. By reason of the foregoing, and pursuant to paragraph eight (8) of the Lease, defendant is
indebted to DLL for the sum of $23,420.26, said amount being the balance of lease
payments due for the Initial Term of the Lease in the sum of $24,912.00, discounted to its
present value at the rate of six percent (6%) per annum from the end of the Initial
Term to the April 12, 2004 date of defendant's default.
AS A ND FOR A SECOND CAUSE OF

ACTION
through ten above as if fully set forth at length herein.
12.
Pursuant to paragraph eight (8) of the Lease, in the event of a default by

defendant thereunder, DLL is entitled to recover from defendant interest on any
outstanding delinquent balance owed by defendant to DLL under the Lease calculated
at the rate of eighteen percent (18%) per annum until paid.
13. By reason of the foregoing, defendant is indebted to DLL for interest on the outstanding
discounted delinquent balance of $23,420.26 calculated at the rate of eighteen percent
(18%) per annum from the April 12, 2004 date of defendant's default until said amount is
paid.
AS AND FOR A THIRD CAUSE OF ACTION

through thirteen above as if fully set forth at length herein.
15.
Pursuant to paragraph one (1) of the Lease, upon a failure of defendant to

pay any amount when due under the Lease, defendant promised to pay to DLL a late
charge in an amount equal to ten percent (10%) of all payments not made when due
under the Lease, or $10.00 for each payment not made when due under the Lease,
whichever is greater.
16.
To date, defendant has failed to make six (6) monthly payments when due
under the Lease.
17. By reason of the foregoing, there are late charges due and owing from defendant to DLL
in the sum of $622.80.
AS AND FOR A FOURTH CAUSE OF

ACTION
through seventeen above as if fully set forth at length herein.
19.
Pursuant to paragraph eight (8) of the Lease, in the event of a default by

defendant thereunder, defendant became indebted to DLL for the residual value of the
Equipment.
4
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20.
The residual value of the Equipment at the end of the Initial Term is
$6,869.12.
21. By reason of the foregoing, defendant is indebted to DLL for the sum of
$6,457.72, said amount being the residual value of the Equipment at the end of the
Initial Term of $6,869.12, discounted to its present value at the rate of six percent (6%)
per annum from the April 12, 2004 date of defendant's default.
AS AND FOR A FIFTH CAUSE OF ACTION
through twenty-one above as if fully set forth at length herein.
23. Pursuant to paragraph six (6) of the Lease, defendant agreed to pay all taxes paid,
payable or required to be collected by DLL by reason of the defendant's use and/ or
lease of the Equipment.
24. Taxes in the sum of $2,576.98 (calculated at defendant's local tax rate of 8.625%) have
either been paid, are payable, or are required to be collected by DLL by reason of the
defendant's use and/or lease of the Equipment.
25. By reason of the foregoing, defendant is indebted to DLL for taxes in the sum of
$2,576.98.
5
AS AND FOR A SIXTH CAUSE OF ACTION

through twenty-five above as if fully set forth at length herein.
27. Pursuant to paragraph eight (8) of the Lease, in the event of a default by
defendant thereunder, DLL is entitled to recover from defendant all expenses incurred
by DLL in collecting amounts due and owing under the Lease, plus reasonable
attorneys fees.
28. By reason of the foregoing, defendant is indebted to DLL for all expenses
incurred by DLL in collecting amounts due and owing under the Lease, plus reasonable
attorney's fees.
WHEREFORE, DLL demands judgment against defendant as follows:

a) on its first cause of action for the discounted balance of lease payments in the
sum of $23,420.26;
b) on its second cause of action for interest on the sum of $23,420.26
calculated at the rate of eighteen percent (18%) per annum from the April
12, 2004 date of defendant's default until said amount is paid;
c) on its third cause of action for late charges in the sum of $622.80.;
d) on its fourth cause of action for the discounted residual value of the
Equipment in the sum of $6,457.72;
e) on its fifth cause of action for taxes in the sum of $2,576.98;
6
Supreme Court Records Online library . page 8 of 10
f) on its sixth cause of action for all expenses incurred by DLL in collecting amounts due and
owing under the Lease, plus reasonable attorney's fees;

g) for the costs and disbursements of this action, and
h) such other and further relief which this Court deems just and proper.
Dated: New York, New York December 28, 2004
By::_..LL.:..p_..bA,.t!JP.).:::::::.
BRYA
E.
or:
,ESQ.
Attorneys for Plaintiff

De Lage Landen Financial Services, Inc.
80 Fifth Ave
Suite 1401
New York, New York 10011-8002
(212) 691-2313
7

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SUPREME COURT OF THE STATE OF NEW YORK

COUNTY OF NEW YORK

- against FRYDMAN & COMPANY

TO THE ABOVE NAMED DEFENDANT :

Supreme Court Records Online Library page 1 of 10

Frydman & Company d/b/a Frydman & Company Inc.

New York, New York 10038

SUPREME COURT OF THESTATE OFNEW YORK

DE LAGE LANDEN FINANCIAL SERVICES, INC.,

FRYDMAN & COMPANY

Plaintiff, De Lage Landen Financial Services, Inc. (hereinafter ''DLL"), by its

Supreme Court Records Online Library - page 3 of 10

AS AND FOR A FIRST CAUSE OF ACTION

the "Equipment") more

particularly described in the Lease, an aggregate rental value of $37,368.00 payable in

AS A ND FOR A SECOND CAUSE OF

Pursuant to paragraph eight (8) of the Lease, in the event of a default by

Supreme Court Records Online Library page 5 of 10

AS AND FOR A THIRD CAUSE OF ACTION

Pursuant to paragraph one (1) of the Lease, upon a failure of defendant to

AS AND FOR A FOURTH CAUSE OF

Pursuant to paragraph eight (8) of the Lease, in the event of a default by

Supreme Court Records Online Library - page 6 of 1O

AS AND FOR A FIFTH CAUSE OF ACTION

AS AND FOR A SIXTH CAUSE OF ACTION

WHEREFORE, DLL demands judgment against defendant as follows:

owing under the Lease, plus reasonable attorney's fees;

Attorneys for Plaintiff

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