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FLUSHING BK v. MUNI ASSIST

84 Misc.2d 976 (1975)

Flushing National Bank, on Behalf of Itself and All Other Holders of Notes of the City of New York Maturing on or before June 30, 1976, Plaintiff, v. Municipal Assistance Corporation for the City of New York et al., Defendants.

Supreme Court, Special Term, New York County.

December 23, 1975

Attorney(s) appearing for the Case

Richenthal, Abrams & Moss (Arthur Richenthal and David Abrams of counsel) and Paul, Weiss, Rifkind, Wharton & Garrison (Simon H. Rifkind, Robert Laufer, Dean B. Allison, Howard Visz and Jonathan Siegfried of counsel), for plaintiffs. Louis J. Lefkowitz, Attorney-General (Shirley Adelson Siegel of counsel), for State of New York, defendant. W. Bernard Richland, Corporation Counsel, for City of New York, defendant.

HAROLD BAER, J.

Defendants move for summary judgment, pursuant to CPLR 3212, to dismiss the complaint. Plaintiff cross-moves for summary judgment and attacks the validity and enforceability of the recent Moratorium Act (L 1975, ch 874) enacted " to ameliorate the disastrous consequences, to taxpayers, to holders of short term obligations and to city residents, of an inability by the city to meet its financial...

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