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HOME MUT. v. BROADWAY BANK

53 N.Y.2d 568 (1981)

Home Mutual Insurance Company, Appellant, v. Broadway Bank and Trust Company, Respondent.

Court of Appeals of the State of New York.

Decided October 22, 1981.

Attorney(s) appearing for the Case

Richard G. Vogt for appellant.

Louis D'Amanda for respondent.

Patrick J. Crowe for Hartford Accident & Indemnity Company, amicus curiae.

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

JONES, J.

A premium finance agency is under no duty to the insurer, under section 576 of the Banking Law, with respect to cancellation of an automobile liability insurance policy after default by the insured in payment to the agency of a premium installment, nor does its inaccurate representation to the insurer that the policy has been propery canceled impose on it any liability to the insurer for moneys paid...

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