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AMER ASSUR v. FLUSHING SAV

68 A.D.2d 170 (1979)

American Home Assurance Company et al., Respondents, v. Flushing Savings Bank et al., Defendants, and Sackman-Gilliland Corporation, Appellant. (And a Third-Party Action.)

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

May 17, 1979

Attorney(s) appearing for the Case

David B. Eizenman of counsel (Theodore S. Green with him on the briefs; Moses & Singer, attorneys), for appellant.

Jay Greenfield (Stephen D. D. Hamilton with him on the briefs; Paul, Weiss, Rifkind, Wharton & Garrison, attorneys), for respondents.

LANE, MARKEWICH and LYNCH, JJ., concur with KUPFERMAN, J.; MURPHY, P. J., concurs in a separate opinion in which KUPFERMAN and MARKEWICH, JJ., also concur.

KUPFERMAN, J.

Defendant-appellant Sackman-Gilliland Corporation ("Sackman") was the mortgagee of a parcel of land in Suffolk County upon which there is a sewage treatment plant. The Parr Company of Suffolk ("Parr Co.") owned the plant property, and its affiliated corporation, Parr Meadows Racing Association, Inc. ("Parr Meadows") owned the adjacent property which it desired to use as a racetrack. These corporations...

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