HEARING ON MOTION TO VACATE SISTER STATE JUDGMENT
FILED BY GIVV, INC., et al.
* TENTATIVE RULING: *
The motion to vacate or stay, brought collectively by the four named judgment debtors (“Judgment Debtors”), is denied in full. Judgment Debtors’ request for judicial notice is granted. The basis for this ruling is as follows.
A. The Nature Of The Agreement.
The sister-state judgment at issue is based on the parties’ Secured Merchant Agreement (“Agreement”). (Senn Dec., Exh. “A”.) The Agreement explicitly states that it is a purchase agreement, and not a loan:
THIS IS NOT A LOAN. Merchant is selling a portion of a future revenue stream to VCG at a discount, not borrowing money from VCG. There is no interest rate or payment schedule and no time period during which the Purchased Amount must be collected by VCG. …
(Id., p. 1.) The Agreement also states that it is governed by New York law. (Id., p. 7, § 4.5.) Judgment Debtors seek to set aside the judgment by arguing that the Agreement
Hearing Date
December 11, 2019
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HEARING ON MOTION TO VACATE SISTER STATE JUDGMENT
FILED BY GIVV, INC., et al.
* TENTATIVE RULING: *
The motion to vacate or stay, brought collectively by the four named judgment debtors (“Judgment Debtors”), is denied in full. Judgment Debtors’ request for judicial notice is granted. The basis for this ruling is as follows.
A. The Nature Of The Agreement.
The sister-state judgment at issue is based on the parties’ Secured Merchant Agreement (“Agreement”). (Senn Dec., Exh. “A”.) The Agreement explicitly states that it is a purchase agreement, and not a loan:
THIS IS NOT A LOAN. Merchant is selling a portion of a future revenue stream to VCG at a discount, not borrowing money from VCG. There is no interest rate or payment schedule and no time period during which the Purchased Amount must be collected by VCG. …
(Id., p. 1.) The Agreement also states that it is governed by New York law. (Id., p. 7, § 4.5.) Judgment Debtors seek to set aside the judgment by arguing that the Agreement