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PENNSYLVANIA R. R. v. STATE OF NEW YORK

15 A.D.2d 269 (1962)

The Pennsylvania Railroad Company et al., Appellants, v. State of New York, Respondent

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

January 11, 1962.

Attorney(s) appearing for the Case

Conboy, Hewitt, O'Brien & Boardman (Edward F. Butler of counsel), for the Pennsylvania Railroad Company, appellant.

Otto M. Buerger (William A. Colton of counsel), for the Long Island Rail Road Company, appellant.

Louis J. Lefkowitz, Attorney-General (Paxton Blair and Abe Wagman of counsel), for respondent.

Cravath, Swaine & Moore (Allen M. Merrill and William K. Davenport of counsel), for Bankers Trust Company and others, amici curice.

BERGAN, P. J., GIBSON and REYNOLDS, JJ., concur with COON, J.; HERLIHY, J., dissents in an opinion.

COON, J.

Plaintiff, the Long Island Rail Road Company, is a railroad redevelopment corporation incorporated under article 7 of the Railroad Law. Article 7 (§§ 300-313) of the Railroad Law was enacted in 1954. (L. 1954, ch. 824.) It provided that certain domestic railroad corporations which could then or thereafter meet the conditions set forth in the act might qualify as a railroad redevelopment corporation...

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