MATTER OF CITY OF NEW YORK v. MURPHY


36 A.D.2d 658 (1971)

In the Matter of City of New York, 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.

February 10, 1971


After a series of prior related financial transactions dating back to January 4, 1957, on September 29, 1961 a "second supplemental loan agreement" was entered into by which the Irving Trust Company agreed to lend Columbia Pictures Realty Corporation an additional $1,640,000. Pursuant to the provisions of that agreement a new note for $2,800,000 was given merging the new and existing indebtedness and all the former notes involved in the transaction were technically canceled...

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