ABKCO Music & Records advanced $325,000 to Nathaniel Montague so that he could catalog a collection of African American art and memorabilia. When those monies weren't repaid, ABKCO sued.
At trial, the company claimed the monies were a "loan," while Montague maintained the funds were a "gift." And when the New York County Supreme Court dismissed the case, ABKCO appealed.
Because it was of the view the monies hadn't been gifted, the Appellate Division, First Department, reversed and granted judgment in ABKCO's favor. (It didn't help Montague's case that his own accountant had written a letter characterizing the funds as a "loan.")
How would you have spun that?
To view a copy of the Appellate Division's decision, please use this link: ABKCO Music & Records, Inc. v. Montague