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HAMILTON & CO. v. AMER. HOME ASSUR.

21 A.D.2d 500 (1964)

H. M. Hamilton & Co., Inc., Respondent, v. American Home Assurance Company et al., Appellants H. M. Hamilton & Co., Inc., Respondent, v. Allstate Insurance Company et al., Appellants

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

July 9, 1964.

Attorney(s) appearing for the Case

Frederick A. Terry, Jr., of counsel (Roy H. Steyer with him on the brief; Sullivan & Cromwell, attorneys), for appellants.

George H. Bailey of counsel (Manro T. Oberwetter and Charles D. Peet, Jr., with him on the brief; Milbank, Tweed, Hadley & McCloy, attorneys), for respondent.

McNALLY and STALEY, JJ., concur with BOTEIN, P. J.; EAGER, J., dissents in part in opinion; STEUER, J., dissents in opinion.

BOTEIN, P. J.

These companion actions are concerned with agreements by which appellants, a numerous group of insurance companies transacting business in New York, authorized respondent to bind and write reinsurance on their behalf. The agreements were terminable on 90 days' notice and were terminated by appellants as of December 31, 1963. By that time differences had arisen concerning the balance of accounts...

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