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  5. 33 N.Y.2d 966 (1974)
 

FID. & CAS. CO. OF NEW YORK v. COSMOPOLITAN MUT. INS. CO.

33 N.Y.2d 966 (1974)

Fidelity and Casualty Company of New York, Respondent, v. Cosmopolitan Mutual Insurance Company, Appellant.

Court of Appeals of the State of New York.

Decided February 13, 1974.

Attorney(s) appearing for the Case

A. Allen Stanger and Abraham Shapiro for appellant.

John M. Cunneen for respondent.

Chief Judge BREITEL and Judges JASEN, GABRIELLI, JONES, WACHTLER, RABIN and STEVENS concur.

MEMORANDUM.

The order of the Appellate Division should be reversed, with costs, and the judgment at Trial Term reinstated. The undisputed circumstance in this case is that the insureds of both parties sought an arrangement whereby the driver of the tractor, Valient (Fidelity's insured), would be the owner of the tractor to be used in the movement of trailers owned by Island (Cosmopolitan's insured). Each step in the transaction...

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