Schieber Secures Major Victory

In a case of first impression under New York Law, Evan Schieber secured a major victory for Kings Premium Service Corp.  In Adebowale v Kings Premium Service Corp. at al., the Court dismissed in its entirety an action  brought against the Kings Premium Service Corp., a financing company, for damage allegedly incurred by an insured after his policy was canceled.  The Court held that the finance company properly invoked a power of attorney after plaintiff’s non-payment and was entitled to cancel the insured’s policy.  The Court made new law by recognizing, for the first time, that the power of attorney provision contained in the finance agreement was valid despite the fact that it did not meet the technical requirements of the General Obligations Law.  Instead, the Court adopted our argument that the financing agreement was governed by, and complied with the Banking Law.  The decision is a big win for financing companies, all of whom have an interest in the continued validity of the standard finance agreement.

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