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TAYLOR DIVERSIFIED CORPORATE SERVICES, INC. v. AMBAC ASSURANCE CORPORATION

2010-04132.

81 A.D.3d 810 (2011)

917 N.Y.S.2d 245

TAYLOR DIVERSIFIED CORPORATE SERVICES, INC., Appellant, v. AMBAC ASSURANCE CORPORATION, Formerly Known as AMBAC INDEMNITY CORPORATION, Respondent.

Appellate Division of the Supreme Court of New York, Second Department.

Decided February 15, 2011.

Ordered that the order is affirmed, with costs.

According to the complaint, the defendant and the plaintiff's predecessor-in-interest, American Health Capital, Inc. (hereinafter AHC), entered into an agreement in 1985 under which the defendant, in exchange for being appointed the exclusive insurer for a bond issue arranged by AHC, would pay AHC an "origination fee" of 12.5% of the premiums it received, as well as percentages of subsequent annual and "recycled" premiums...

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