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CITY OF BUFFALO v. STRONG & CO.

279 A.D. 146 (1951)

City of Buffalo, Respondent, v. Strong & Co. et al., Defendants, and United States Trust Company of New York, as Substituted Trustee under The Will of Henry S. Redmond, Deceased, et al., Appellants

Appellate Division of the Supreme Court of the State of New York, Fourth Department.

November 16, 1951.

Attorney(s) appearing for the Case

M'Cready Sykes for United States Trust Co. of New York, as trustee, and others, appellants.

Nathaniel L. Goldstein, Attorney-General (Wendell P. Brown and Emil L. Cohen of counsel), for Superintendent of Banks and others, appellants.

Fred C. Maloney, Corporation Counsel, Edward A. Silliere and Elmer S. Stengel for respondent.

Present — TAYLOR, P. J., McCURN, VAUGHAN, KIMBALL and PIPER, JJ.

KIMBALL, J.

This action was for a declaratory judgment. The question presented was whether the City of Buffalo had the right to recall for payment a $500,000 issue of water bonds, bearing interest at the rate of 4% per annum, at any time, in the sole discretion of the city council, on and after October 10, 1928. The bonds were issued as of October 10, 1908, under the legislative authority embodied in chapter 203...

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