Valley Natl. Bank v Sami Express Cab Corp.

Annotate this Case

Download PDF

Valley Natl. Bank v Sami Express Cab Corp. 2021 NY Slip Op 32816(U) December 16, 2021 Supreme Court, New York County Docket Number: Index No. 655248/2020 Judge: Joel M. Cohen Cases posted with a "30000" identifier, i.e., 2013 NY Slip Op 30001(U), are republished from various New York State and local government sources, including the New York State Unified Court System's eCourts Service. This opinion is uncorrected and not selected for official publication. [* 1] INDEX NO. 655248/2020 NYSCEF DOC. NO. 34 RECEIVED NYSCEF: 12/16/2021 SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF NEW YORK: COMMERCIAL DIVISION PART 03M ----------------------------------------------------------------------------------- X VALLEY NATIONAL BANK, INDEX NO. Plaintiff, 655248/2020 MOTION DATE N/A MOTION SEQ. NO. 001 - V - SAMI EXPRESS CAB CORP., SAMI ITSHAIK, 412 EXPRESS MANAGEMENT CORP. DECISION+ ORDER ON MOTION Defendants. ----------------------------------------------------------------------------------- X HON. JOEL M. COHEN: The following e-filed documents, listed by NYSCEF document number (Motion 001) 11, 12, 13, 14, 15, 16, 17, 18, 19,20,21,22,23,24,25,26,27,28,29,30,31, 32,33 were read on this motion for SUMMARY JUDGMENT AND DEFAULT JUDGMENT The facts in this case are essentially the same as in Val. Nat. Bank v Shamuely Cab Corp., 2021 WL 5579694, *2- 4 [N.Y. Sup Ct, New York County 2021] and Val. Nat. Bankv Tarzan Cab Corp., 2021 NY Slip Op 32559(U) [N.Y. Sup Ct, New York County 2021], in which the Court granted summary judgment against the Borrower and Individual Guarantor and a default judgment against the Corporate Guarantor. The same result obtains here. In this case, Defendant Sarni Express Cab Corp. ("Borrower") received $1,125,000.00 of financing from Plaintiff in July 2017 and executed a promissory note (the "Note"). The terms of the Note included an annual interest rate of 3.23% until the principal was repaid in full, and an additional 5% interest rate in the event that Borrower defaulted. Borrower proffered two New York City taxi medallions (numbers 6M30 and 6M31) as collateral for the loan, which was memorialized in a security agreement. Plaintiff perfected its security interest in the medallions by filing a UCC-1 Filing Statement with the N.Y. Dept. of State. The loan was further 655248/2020 VALLEY NATIONAL BANK vs. SAMI EXPRESS CAB CORP. Motion No. 001 1 of 4 Page 1 of4 [* 2] INDEX NO. 655248/2020 NYSCEF DOC. NO. 34 RECEIVED NYSCEF: 12/16/2021 guaranteed by Defendants Sarni Itshaik ("Individual Guarantor") and 412 Express Management Corp. ("Corporate Guarantor"). Defendants made monthly payments from the beginning of the loan term until defaulting on or about March 17, 2020. Plaintiff gave Defendants notice of default by letter on August 21, 2020. Plaintiff filed a Summons and Complaint, to which Defendants Borrower and Individual Guarantor answered, and then subsequently filed a Supplemental Summons and Amended Verified Complaint joining Corporate Guarantor as a defendant. Plaintiff served Corporate Guarantor with its supplemental and amended pleadings on December 21, 2020 (NYSCEF Docs. 23 - 25). Corporate Guarantor failed to answer or otherwise respond to the Amended Verified Complaint. Plaintiff now moves (i) for summary judgment against the Borrower and the Defendant Individual Guarantor for the outstanding debt on the Note, delivery of the collateral, and for reimbursement of attorney's fees and costs; and (ii) for default judgment against the Defendant Corporate Guarantor, 412 Express Management Corp., for the outstanding debt on the Note and reimbursement of attorneys' fees and costs. Defendants oppose the motion for summary judgment, arguing (without citation to authority) that repayment became "impossible" as of March 2020 due to the effects of the COVID-19 pandemic (augmented by competition from rideshare apps). There has been no opposition to the motion for a default judgment. As the facts and arguments presented by the parties in this case are essentially the same as those addressed by the Court in Val. Nat. Bankv Shamuely Cab Corp., 2021 WL 5579694, the Court incorporates by reference here its reasoning in Shamuely as sufficient for summary judgment. 655248/2020 VALLEY NATIONAL BANK vs. SAMI EXPRESS CAB CORP. Motion No. 001 2 of 4 Page 2 of 4 [* 3] INDEX NO. 655248/2020 NYSCEF DOC. NO. 34 RECEIVED NYSCEF: 12/16/2021 As for Plaintiffs request default judgment under CPLR 3215 against Corporate Guarantor, it is undisputed that Corporate Guarantor failed to timely appear, answer, or otherwise move with respect to Plaintiffs supplemental summons and complaint (NYSCEF Docs. 5 & 6). Plaintiff has submitted unrebutted evidence demonstrating compliance with the statutory requirements of CPLR 3215 (see NYSCEF Docs. 23 - 25). Therefore, Plaintiffs motion for default judgment is granted as to liability. The relief sought is identical to that sought against Answering Defendants-i.e., $1,124,927.20 of outstanding principal, plus interest accrued on the outstanding principal at the contractual per annum interest rate of 3 .23 % until August 21, 2020 equaling an amount of $18,088.92, plus interest accrued at the contractual 3.23% rate plus the additional contractual default rate of 5% from August 22, 2020 to the present. As such, Plaintiffs motion for default judgment is granted as to damages. Defaulting Corporate Guarantor may seek a vacatur of the instant default judgment if it can satisfy the requirements of CPLR 5015, CPLR 317, or any other relevant law. Accordingly, it is hereby ORDERED that Plaintiffs motion for summary judgment is GRANTED against Answering Defendants Sarni Express Cab Corp. and Sarni Itshaik in the amount of $1,124,927.20 of outstanding principal, plus interest accrued on the outstanding principal at the contractual per annum interest rate of 3 .23 % until August 21, 2020 equaling an amount of $18,088.92, plus interest accrued at the contractual 3.23% rate plus the additional contractual default rate of 5% from August 22, 2020 to the present, together with costs and disbursements as calculated by the County Clerk; it is further ORDERED that Plaintiffs motion for a default judgment is GRANTED against Defendant 412 Management Corp. in the amount alleged in the Complaint, which is an 655248/2020 VALLEY NATIONAL BANK vs. SAMI EXPRESS CAB CORP. Motion No. 001 3 of 4 Page 3 of 4 [* 4] INDEX NO. 655248/2020 NYSCEF DOC. NO. 34 RECEIVED NYSCEF: 12/16/2021 $1,124,927.20 of outstanding principal, plus interest accrued on the outstanding principal at the contractual per annum interest rate of 3 .23 % until August 21, 2020 equaling an amount of $18,088.92, plus interest accrued at the contractual 3.23% rate plus the additional contractual default rate of 5% from August 22, 2020 to the present, subject to a credit based on the sale of the collateral, together with costs and disbursements as calculated by the County Clerk; it is further ORDERED that Defendants shall assemble and deliver to Plaintiff the collateral, including medallions issued by the New York City Taxi and Limousine Commission bearing numbers 6M30 and 6M31; it is further ORDERED that the Clerk shall enter a judgment in accordance with this Dcision and Order, to be submitted to the Clerk by Plaintiff after the Court determines the amount of collection expenses. This constitutes the Decision and Order of the Court. 12/16/2021 DATE CHECK ONE: JOEL M. COHEN, J.S.C. CASE DISPOSED GRANTED • DENIED APPLICATION: SETTLE ORDER CHECK IF APPROPRIATE: INCLUDES TRANSFER/REASSIGN ~ 655248/2020 VALLEY NATIONAL BANK vs. SAMI EXPRESS CAB CORP. Motion No. 001 4 of 4 NON-FINAL DISPOSITION GRANTED IN PART SUBMIT ORDER FIDUCIARY APPOINTMENT • • OTHER REFERENCE Page4 of 4

Some case metadata and case summaries were written with the help of AI, which can produce inaccuracies. You should read the full case before relying on it for legal research purposes.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.