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Int'l Home Care Servs. of N.Y. Inc. v. People's United Bank N.A.

Preliminary Injunction Reversing Bank's Set-Off, Releasing Hold on Account Funds Denied

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MEMORANDUM & ORDER   In this breach-of-contract action removed from state court, Plaintiff seeks entry of a preliminary injunction removing a hold placed on funds in Plaintiff’s bank account with Defendant, and releasing certain funds from that account to Plaintiff. For the reasons stated herein, Plaintiff’s motion for entry of a preliminary injunction is denied. BACKGROUND I. Findings of Fact Pursuant to Federal Rule of Civil Procedure 52(a)(2), the Court makes the following findings of fact in support of its denial of a preliminary injunction against Defendant. In March 2013, Plaintiff opened a business deposit account (the “Account”) at Defendant People’s United Bank, National Association (“Defendant” or the “Bank”). (Affidavit of Frank Ryan (“Ryan Aff.”), Dkt. 13, 4.) The Account was governed by a contract setting forth certain terms and conditions. (Id.

5-6; see also Signature Card, Dkt. 13-1; Business Deposit Account Contract, Dkt. 13-2.) On August 28, 2018, Defendant extended two asset-based loans to Plaintiff in the combined amount of $3.5 million: a secured term loan note for $1,900,000 (the “Term Note”), and a secured revolving credit loan note for $1,600,000 (the “Revolving Credit Note”) (collectively, the “Notes”), for which Plaintiff executed a Security Agreement. (Ryan Aff., Dkt. 13,

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