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WC» WJW:dml _ l. NR 29-13951 NR 179-469 On September 29, 1976, Mr. WILLIAM L. WEIL, Vice President, Hudson Valley National Bank, 36 East Grass S rain Roa Yonkers, New York addressed a letter to SA& W advising that ta; loan to caasms sass! REIBOZZO een satisfied by the alleged purchase of the loan from the Hudson Valley National Bank by the Precision Valve Corporation for $229,399.46. There was attached to this letter a copy of the check drawn upon the Hudson Valley National Bank, dated December 27, 1973, payable to the Hudson Valley National Bank, in the amount of $229,399.46. The signature on this check, which is xeroxed, is illegible and the endorsement on the back of the check indicates a stamp dated December 27, 1973, with instructions to pay to the order of the Hudson Valley National Bank. The rear of the check contains several lines of a typed or printed matter which is entirely illegible on the copy which was sent to this office. ' On October 13, 1976, Mr. WEIL was recontacted concerning the above check and his statement that apparently the Precision Valve Corporation had purchased the loan from the bank of CHARLES REBOZZO. It was brought to Mr. WEIL's attention that there was "not present in any of the documents D ME FKCMM" Mr. WEIL stated that he did not believe that a Liability Ledger had been kept and he indicated that possibly at that time when the bank was in its initial stages, the loan department did not keep Liability Ledgers. It was mentioned to Mr. WEIL that a Liability Ledger is a wel1established standard procedure in practically every bank and was expected generally by the bank examiners and could not be considered an innovative form. He advised he would attempt to locate this Liability Ledger showing the final disposition of the CHARLES REBOZZO loan. It was further noted that there had been no copies or records furnished to indicate that the loan agreement and all of its liability had been transferred from the bank as a result of the receipt of this check of $229,399.46, and thatithe bank had relieved REBOZZQ of all its liability to the bank. It was further noted for the benefit of Mr. WEIL that it appeared  unusual that a personal loan could be satisfied by a corporation _3_