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  5. 47 N.Y.2d 639 (1979)
 

INDUS. COMR v. 5 CORNERS

47 N.Y.2d 639 (1979)

In the Matter of the Industrial Commissioner of the State of New York, Respondent, v. Five Corners Tavern, Inc., Respondent, and Manufacturers Hanover Trust Company, Appellant.

Court of Appeals of the State of New York.

Decided July 9, 1979.

Attorney(s) appearing for the Case

Whitney North Seymour, Jr., Roy L. Reardon and Thomas M. Bistline for appellant.

Robert Abrams, Attorney-General (Irving Jorrisch, Murray Sylvester and Robert A. Feuerstein of counsel), for Industrial Commissioner, respondent.

John L. Warden, H. Rodgin Cohen and Mark J. Welshimer for The New York Clearing House Association, amicus curiae.

Chief Judge COOKE and Judges GABRIELLI, JONES, WACHTLER, FUCHSBERG and MEYER concur.

JASEN, J.

In this case, we are called upon to determine whether a depository bank's statutory right of setoff (Debtor and Creditor Law, § 151) is extinguished by service of a tax compliance agent's levy pursuant to CPLR 5232 (subd [a]).

The facts are not in dispute. In February, 1976, appellant Manufacturers Hanover Trust Company (hereinafter Manufacturers) extended a loan of approximately $1,800...

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