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MATTER OF LIQUIDATION OF MIDLAND INSURANCE CO.

2540N, 41294/86.

145 A.D.3d 601 (2016)

2016 NY Slip Op 08610

42 N.Y.S.3d 791

In the Matter of the Liquidation of MIDLAND INSURANCE COMPANY. PPG INDUSTRIES, INC., Appellant, v. SUPERINTENDENT OF FINANCIAL SERVICES OF THE STATE OF NEW YORK, as Liquidator of MIDLAND INSURANCE COMPANY, Respondent.

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

Decided December 22, 2016.

The claim was properly disallowed, since it was contingent, and not absolute, on the final date for filing proofs of claim (see Insurance Law § 7433 [c]). The Trust Funding Agreement fixing PPG's funding obligation was unsigned and, thus, unenforceable by its terms. Moreover, numerous contractual conditions precedent were not met, including those that would trigger Midland Insurance Company's liability. Also, the Modified...

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