Summary
In Parkchester (61 Misc.2d 1020, affd. 34 A.D.2d 1106, affd. 28 N.Y.2d 842, supra), the leading case construing section 63 (subd. 12), Parkchester Apartments Co. purchased the Parkchester apartment complex from Metropolitan Life Insurance Company. Parkchester Apartments Co. then transferred the tenants' security deposits of about $1,200,000 from an interest-bearing account at First National City Bank to a non-interest-bearing account at the Bank of Commerce.
Summary of this case from Matter of Lefkowitz v. ParkerOpinion
Argued April 7, 1971
Decided April 21, 1971
Appeal from the Appellate Division of the Supreme Court in the First Judicial Department, JOSEPH A. SARAFITE, J.
Louis J. Lefkowitz, Attorney-General ( Julius Greenfield, Samuel A. Hirshowitz, Bernard Toomin and Louis Kaplan of counsel), for appellant.
Simon H. Rifkind and Allan Blumstein for Parkchester Apts. Co., Parkchester Management Corp., Harry B. Helmsley and Ben Lafiosca, respondents.
Charles F. Preusse, Dugald Campbell Brown and Paul M. O'Connor, Jr. for Bank of Commerce, respondent.
Order affirmed, without costs, on the opinion at Special Term.
Concur: Chief Judge FULD and Judges BURKE, SCILEPPI, BERGAN, BREITEL, JASEN and GIBSON.