On July 9, 1973, respondent Muzaffer Teke was allegedly involved in an accident with a hit-and-run vehicle. At that time he was driving a taxi owned by petitioner Yak Taxi, Inc., a self-insurer. On May 19, 1975, Teke served a demand for arbitration on petitioner which stated, pursuant to CPLR 7503 (subd [c]), that unless a stay of arbitration was sought within 20 days, petitioner would be precluded from objecting that a valid agreement was not made or had not been complied...
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