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  5. 71 N.Y.2d 983 (1988)
 

INS. CO. OF N. AM. v. CITY OF NEW YORK

71 N.Y.2d 983 (1988)

Insurance Company of North America, Respondent-Appellant, v. City of New York, Appellant-Respondent, and Bernard B. Cohen, as Receiver, Respondent.

Court of Appeals of the State of New York.

Decided May 3, 1988.

Attorney(s) appearing for the Case

Ira J. Greenhill for respondent-appellant.

Peter L. Zimroth, Corporation Counsel (Anshel David, Glenn Newman and Stanley Buchsbaum of counsel), for appellant-respondent.

Mitchell Steinberg for respondent.

Chief Judge WACHTLER and Judges SIMONS, KAYE, ALEXANDER, TITONE and BELLACOSA concur in memorandum; Judge HANCOCK, JR., dissents and votes to affirm in an opinion.

MEMORANDUM.

The order of the Appellate Division should be reversed, with costs only to the City of New York against defendant-respondent Cohen, and judgment should be granted declaring that defendant City is entitled to payment of the proceeds of the insurance policy and that defendant Cohen is not entitled to recovery.

Plaintiff issued a fire insurance policy to defendant Cohen as court-appointed receiver of Bronx...

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