Wachovia Bank National Association v. Encap Golf Holdings, LLC et al, No. 1:2009cv01262 - Document 85 (S.D.N.Y. 2010)

Court Description: MEMORANDUM OPINION & ORDER: For the foregoing reasons, Lexington's motion for partial summary judgment is DENIED. Wachovia's motion for summary judgment is GRANTED as to Counts I through III of the Complaint. The Court does not reach Counts IV though VI. BNY's motion for summary judgment is GRANTED as to Counts I and III of its Crossclaim. The Court does not reach Count II. It is DECLARED that Wachovia and BNY have valid and enforceable security interests in the Bond Proceeds in the Deposit Account; no party has a right to use the funds in the Deposit Account for remediation of the Project; Wachovia is entitled to immediate turnover of the remaining Bond Proceeds; and BNY is authorized to pay itself with the Bond Proceeds an d to turnover the Bond Proceeds to pay Wachovia. In light of the foregoing, Lexington's claims in Counts I and III of the Counterclaim and Crossclaim are moot. Wachovia and BNY are directed to submit a proposed order of judgment on ten days notice. SO ORDERED. (Signed by Judge Paul A. Crotty on 2/19/2010) (tve)