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MTR. OF ATL. CEMENT v. MURPHY

30 A.D.2d 456 (1968)

In the Matter of Atlantic Cement Company, Inc., Petitioner, v. Joseph H. Murphy et al., Constituting The State Tax Commission, Respondents

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

October 22, 1968.

Attorney(s) appearing for the Case

Sullivan & Cromwell (Kendyl K. Monroe of counsel), and DeGraff, Foy, Conway & Holt-Harris (John T. DeGraff of counsel), for petitioner.

Louis J. Lefkowitz, Attorney-General (Edwin R. Oberwager and Ruth Kessler Toch of counsel), for respondents.

REYNOLDS, AULISI, STALEY, JR., and GABRIELLI, JJ., concur.

HERLIHY, J. P.

Prior to December 10, 1963 Prudential had agreed in principle to advance $8,000,000 to Atlantic for a forward sale of limestone. At a meeting held December 20, 1963 Atlantic's board of directors authorized execution and delivery of an "Indenture of Conveyance of Atlantic Production Payment" (the instrument in issue in this case). The indenture of conveyance of Atlantic production payment was delivered by Atlantic to Prudential on January...

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