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FLUSHING NAT. BANK v. MAC

40 N.Y.2d 731 (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, Appellant, v. Municipal Assistance Corporation for the City of New York et al., Respondents, et al., Defendant.

Court of Appeals of the State of New York.

Decided November 19, 1976.

Attorney(s) appearing for the Case

Arthur Richenthal, New York City, for appellant.

Simon H. Rifkind, Robert L. Laufer, Dean B. Allison, Howard S. Veisz and Jonathan Siegfried, New York City, 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, New York City, for the City of New York and another, respondents.

Louis J. Lefkowitz, Attorney-General (Shirley Adelson Siegel and Samuel Hirshowitz of counsel), Albany, for New York State Emergency Financial Control Board, respondent.

Judges JASEN, GABRIELLI, JONES and WACHTLER concur with Chief Judge BREITEL; Judge COOKE dissents and votes to affirm in a separate opinion; Judge FUCHSBERG taking no part.

Chief Judge BREITEL.

This is an action by a holder of New York City short-term anticipation notes to declare unconstitutional the New York State Emergency Moratorium Act for the City of New York (L 1975, ch 874, as amd by ch 875). Special Term and the Appellate Division held the act constitutional under both the Federal and State Constitutions.

There should be a reversal. The act violates the State Constitution...

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