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  5. 92 N.Y.2d 107 (1998)
 

MATTER OF UNION INDEM. INS. CO.

92 N.Y.2d 107 (1998)

699 N.E.2d 852

677 N.Y.S.2d 228

In the Matter of the Liquidation of Union Indemnity Insurance Company of New York. Royal Bank & Trust Company, Respondent, v. Superintendent of Insurance of the State of New York, as Administrator of the New York Property/Casualty Insurance Security Fund, and as Liquidator of Union Indemnity Insurance Company of New York, Appellant.

Court of Appeals of the State of New York.

Decided June 11, 1998.

Attorney(s) appearing for the Case

Herzfeld & Rubin, P. C., New York City (David B. Hamm and Herbert Rubin of counsel), and Joseph Termini for appellant.

Gibson, Dunn & Crutcher, L. L. P., New York City (Jerry J. Strochlic and Preeta D. Bansal of counsel), for respondent.

Judges TITONE, SMITH, CIPARICK and WESLEY concur with Judge BELLACOSA; Chief Judge KAYE concurs in part and dissents in part in a separate opinion; Judge LEVINE dissents and votes to reverse in another opinion.

BELLACOSA, J.

Defendant Superintendent of Insurance, as Administrator of the New York Property/Casualty Insurance Security Fund (Security Fund) and as Liquidator of Union Indemnity Insurance Company of New York (Union), appeals from a Supreme Court judgment, pursuant to leave granted by this Court. The judgment directed payment to plaintiff Royal Bank and Trust Company (Royal) of $10,937,753.25. The source of...

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