In Cross Bay, we held that where "it appears that the surety has not even completed payment of all valid payment claims, the surety should not be accorded an automatic priority over the claims of Article 3-A trust beneficiaries" (93 N.Y.2d, at 22, supra).
Summary of this case from RLI Insurance v. New York State Department of LaborDecided May 19, 1998
Appeal from the 1st Dept.
LEAVE TO APPEAL TO COURT OF APPEALS GRANTED
In Cross Bay, we held that where "it appears that the surety has not even completed payment of all valid payment claims, the surety should not be accorded an automatic priority over the claims of Article 3-A trust beneficiaries" (93 N.Y.2d, at 22, supra).
Summary of this case from RLI Insurance v. New York State Department of LaborFull title:CITY OF NEW YORK v. CROSS BAY CONTR. CORP
Court:Appellate Division of the Supreme Court of New York, Third Department
Date published: May 19, 1998
For this reason, in applying federal tax laws, "state law controls in determining the nature of the legal…
RLI Insurance v. New York State Department of LaborAn article 3-A trust commences "when any asset thereof comes into existence" and continues until all trust…