A Florida thrift is seeking to protect its collateral from being used by the New York State banking department to pay off the debt of a failed check processing company.

Fort Pierce, Fla.-based Harbor Financial is accusing Superintendent of Banks Neil Levin of planning to sell $40 million in loans made by Nationar, while keep half of the cash collateral backing those instruments. The loans were made by Nationar in 1993 and 1994 to at least 15 employee stock ownership plans across the country.

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