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FLUSHING BK. v. ASSISTANCE CORP.

52 A.D.2d 84 (1976)

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, Appellants, v. Municipal Assistance Corporation for the City of New York et al, Respondents, and State of New York, Defendant

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

May 4, 1976

Attorney(s) appearing for the Case

Arthur Richenthal of counsel (Richenthal, Abrams & Moss, attorneys), for appellants.

Simon H. Rifkind of counsel (Robert L. Laufer, Dean B. Allison, Howard S. Veisz and Jonathan Siegfried with him on the brief; Paul, Weiss, Rifkind, Wharton & Garrison, attorneys), for Municipal Assistance Corporation for the City of New York, respondent.

W. Bernard Richland, Corporation Counsel (James G. Greilsheimer, L. Kevin Sheridan, Leonard Koerner and James Griffin with him on the brief), for City of New York and others, respondents.

Shirley Adelson Siegel of counsel (Samuel A. Hirshowitz with her on the brief; Louis J. Lefkowitz, Attorney-General), for New York State Emergency Financial Control Board, respondent.

MARKEWICH, J. P., LUPIANO, BIRNS and CAPOZZOLI, JJ., concur.

LANE, J.

This action was brought, inter alia, to declare the invalidity of the "New York State Emergency Moratorium Act for the City of New York" (L 1975, chs 874 and 875). The further injunctive relief sought has since been rendered academic and is not the subject of this appeal.

The Emergency Moratorium Act (EMA) provides for a conditional three-year moratorium on enforcement of outstanding short...

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