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MTR. OF URAGA DOCK (MEDITERRANEAN S. S.)

6 A.D.2d 443 (1958)

In the Matter of the Arbitration between Uraga Dock Company, Ltd., Respondent, and Mediterranean & Oriental Steamship Corp., Appellant

Appellate Division of the Supreme Court of the State of New York, First Department.

November 5, 1958.

Attorney(s) appearing for the Case

Joseph M. Callahan of counsel (Joseph A. Doran, James E. Freehill and Morton Liftin with him on the brief; Hill, Betts & Nash, attorneys), for appellant.

Wharton Poor of counsel (R. Glenn Bauer with him on the brief; Haight, Gardner, Poor & Havens, attorneys), for respondent.

BREITEL, J. P., and M. M. FRANK, J., concur with RABIN, J.; VALENTE, J., dissents in opinion, in which STEVENS, J., concurs; STEVENS, J., dissents in opinion, in which VALENTE, J., concurs.

RABIN, J.

This is an appeal from an order granting petitioner's (the builder's) motion for a stay of arbitration. Respondent (the buyer) was the prospective purchaser of two 21,000 ton tankers, for an aggregate sum of approximately $8,000,000, to be constructed by the builder in Japan. The proceeding arises out of a dispute as to whether the buyer made timely tender of payment of the first payment due pursuant...

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