MATTER OF NEW YORK AGENCY OF THE BANK OF CREDIT & COMMERCE INT'L v. SUPERINTENDENT OF BANKS OF THE STATE OF NEW YORK


227 A.D.2d 145 (1996)

642 N.Y.S.2d 238

In the Matter of the Liquidation of The New York Agency of the Bank of Credit and Commerce International, S. A. Renzer Bell, II, Appellant, v. Superintendent of Banks of the State of New York, Respondent

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

May 7, 1996


The IAS Court did not abuse its discretion in denying the motion to vacate the default judgment pursuant to CPLR 5015 (a) (1), since plaintiff failed to demonstrate a meritorious cause of action. The contract plaintiff signed was silent as to the duration of employment and did not place any limitation on the defendant employer's right of termination, and it was therefore one of employment at-will (see, Sabetay v Sterling Drug, 69 N.Y.2d 329...

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