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WOODMERE ACAD. v. STEINBERG

53 A.D.2d 156 (1976)

Woodmere Academy, Appellant, v. Saul P. Steinberg, Respondent

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

July 13, 1976

Attorney(s) appearing for the Case

Samuel Gottlieb of counsel (Milton Shalleck with him on the brief; Gainsburg, Gottlieb, Levitan & Cole, attorneys), for appellant.

David L. Foster of counsel (Frederick L. McKnight and Steven A. Asher with him on the brief; Willkie Farr & Gallagher, attorneys), for respondent.

KUPFERMAN and MURPHY, JJ., concur; STEVENS, P. J., and MARKEWICH, J., dissent and affirm for reason given by POSTEL, J.

CAPOZZOLI, J.

Plaintiff, Woodmere Academy, is a nonprofit educational institution. In 1969 it engaged in a fund raising campaign and pledges and contributions were solicited.

In August, 1969 defendant executed his formal printed pledge in the sum of $375,000. Subsequent to the execution of the pledge defendant paid to plaintiff $50,000 in January, 1971 on account of same. By the terms of the pledge the...

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