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FLUSHING BK v. MUN ASSIS CORP

88 Misc.2d 1047 (1977)

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

Supreme Court, New York County.

February 23, 1977

Attorney(s) appearing for the Case

Richenthal, Abrams & Moss for plaintiff. Paul, Weiss, Rifkind, Wharton & Garrison for Municipal Assistance Corporation, defendant. Louis J. Lefkowitz, Attorney-General, for New York State Emergency Financial Control Board, defendant. W. Bernard Richland, Corporation Counsel, for City of New York, defendant. Earle C. Bastow, amicus curiae.

JAMES GIBSON, J.

Upon plaintiff's appeal to the Court of Appeals, that court found (40 N.Y.2d 731) that the New York State Emergency Moratorium Act for the City of New York (L 1975, ch 874, as amd by ch 875) is violative of the State Constitution in denying "faith and credit" to the short-term anticipation notes of the city (NY Const, art VIII, § 2) and is therefore...

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