Flushing National Bank v. Municipal Assistance Corp. for the City of New York

CourtNew York Court of Appeals
Citation360 N.E.2d 1106,40 N.Y.2d 1094,392 N.Y.S.2d 424
Decision Date30 June 1976
Parties, 360 N.E.2d 1106 FLUSHING NATIONAL BANK, on behalf of itself and all other holders of notes of the City of New York maturing on or before

Page 424

392 N.Y.S.2d 424
40 N.Y.2d 1094, 360 N.E.2d 1106
FLUSHING NATIONAL BANK, on behalf of itself and all other
holders of notes of the City of New York maturing
on or before June 30, 1976, Appellant,
v.
MUNICIPAL ASSISTANCE CORPORATION FOR the CITY OF NEW YORK et
al., Respondents, et al., Defendants.
Court of Appeals of New York.
Feb. 8, 1977.

Remittitur signed. (See 40 N.Y.2d 731, 1088, 390 N.Y.S.2d 22, 392 N.Y.S.2d 392, 358 N.E.2d 848, 360 N.E.2d 1075.)

The court, after due deliberation, on November 19, 1976, having determined that the order of the Appellate Division should be reversed, with costs, and the New York State Emergency Moratorium Act of 1975 for the City of New York declared unconstitutional, and directed that the proposed remittitur be settled on 30 days' notice, in an opinion by Breitel, Ch. J., in which all concurred except Cooke, J., who dissented and voted to affirm in an opinion, and Fuchsberg, J., having taken no part; and the court, on January 14, 1977, having granted an application for an extension of time to the extent indicated in an opinion Per Curiam, in which all concurred, Cooke, J., in a memorandum, Fuchsberg, J., having taken no part;

The court, after further due deliberation of written submissions of the parties, orders and adjudges:

That the order of the Appellate Division be reversed, with costs;

That the New York State Emergency Moratorium Act of 1975 for the City of New York be declared unconstitutional;

And that a declaratory judgment to that effect be entered.

Upon remittal to the Supreme Court, New York County, for further proceedings in accordance with the opinion herein, and upon the additional instructions appended below, the Supreme Court is directed:

A. To enter judgment in favor of plaintiff upon proof of present ownership or custodianship and the surrender of the municipal notes embraced within the pleadings in the action, providing for payment of principal in full not later than 30 days from the entry of judgment, with interest as it may determine to be appropriate under paragraph B(3), which judgment may be enforced in accordance with law, including but not restricted to applicable statutes.

B. In accordance with law, to hear and determine with dispatch: 1. Applications, on such notice to defendants as it may require, by other holders of municipal notes, except institutional or corporate holders, purportedly subjected to the moratorium under chapters 874 and 875 of the Laws of...

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3 practice notes
  • Fuchsberg, Matter of
    • United States
    • New York Court on the Judiciary
    • March 16, 1978
    ...8, 1977 that the remittitur, specifying the time schedule for the repayment of the formerly frozen notes, was handed down by the court (40 N.Y.2d 1094, 392 N.Y.S.2d 424, 360 N.E.2d During the period between the "main decision" in Flushing Nat. Bank v. MAC (supra ) on November 19, 1976 and t......
  • Flushing Nat. Bank v. Municipal Assistance Corp. for City of New York
    • United States
    • United States State Supreme Court (New York)
    • June 30, 1976
    ...390 N.Y.S.2d 22, 358 N.E.2d 848). The determination by the Court of Appeals was implemented by its remittitur issued February 8, 1977 (40 N.Y.2d 1094, 392 N.Y.S.2d 424, 360 N.E.2d 1106) followed by this court's decision determining interest rate (88 Misc.2d 1047, 391 N.Y.S.2d 969) and its d......
  • Flushing Nat. Bank v. Municipal Assistance Corp. of City of New York
    • United States
    • United States State Supreme Court (New York)
    • June 30, 1976
    ...Appeals (40 N.Y.2d 731, 390 N.Y.S.2d 22, 358 N.E.2d 848), that court's remittitur was issued to this Supreme Court on February 8, 1977 (40 N.Y.2d 1094, 392 N.Y.S.2d 424, 360 N.E.2d 1106). Pursuant to the remittitur, this court on February 23, 1977 determined the interest rate payable on the......
3 cases
  • Fuchsberg, Matter of
    • United States
    • New York Court on the Judiciary
    • March 16, 1978
    ...8, 1977 that the remittitur, specifying the time schedule for the repayment of the formerly frozen notes, was handed down by the court (40 N.Y.2d 1094, 392 N.Y.S.2d 424, 360 N.E.2d During the period between the "main decision" in Flushing Nat. Bank v. MAC (supra ) on November 19, 1976 and t......
  • Flushing Nat. Bank v. Municipal Assistance Corp. for City of New York
    • United States
    • United States State Supreme Court (New York)
    • June 30, 1976
    ...390 N.Y.S.2d 22, 358 N.E.2d 848). The determination by the Court of Appeals was implemented by its remittitur issued February 8, 1977 (40 N.Y.2d 1094, 392 N.Y.S.2d 424, 360 N.E.2d 1106) followed by this court's decision determining interest rate (88 Misc.2d 1047, 391 N.Y.S.2d 969) and its d......
  • Flushing Nat. Bank v. Municipal Assistance Corp. of City of New York
    • United States
    • United States State Supreme Court (New York)
    • June 30, 1976
    ...Appeals (40 N.Y.2d 731, 390 N.Y.S.2d 22, 358 N.E.2d 848), that court's remittitur was issued to this Supreme Court on February 8, 1977 (40 N.Y.2d 1094, 392 N.Y.S.2d 424, 360 N.E.2d 1106). Pursuant to the remittitur, this court on February 23, 1977 determined the interest rate payable on the......

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