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VIGILANT INS. v. HOUS. AUTH.

201 A.D.2d 58 (1994)

Vigilant Insurance Company of America et al., Appellants, v. Housing Authority of the City of El Paso, Texas, et al., Respondents

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

July 21, 1994

Attorney(s) appearing for the Case

Ronald H. Alenstein of counsel (Jerome Murray and Donna Marie Hughes with him on the brief; D'Amato & Lynch, attorneys), for appellants.

Mark A. Harmon of counsel (Jacqueline I. Meyer with him on the brief; Bondy & Schloss, attorneys), for respondents.

ASCH and RUBIN, JJ., concur with NARDELLI, J.; MURPHY, P. J., and KUPFERMAN, J., dissent and would affirm for the reasons stated by SHAINSWIT, J.

NARDELLI, J.

The gravamen of plaintiffs' declaratory judgment action is defendants' alleged breach of contract in failing to pay monies due under time instruments which do not mature until July 1, 1997. Therefore, the determination of the IAS Court, dismissing the complaint on the ground the Statute of Limitations had expired, was clearly erroneous.

In 1983, Drexel Burnham Lambert (Drexel) purchased these...

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