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NATIONAL STATE BANK, ETC. v. AM. HOME ASSUR.

No. 79 Civ. 5796.

492 F.Supp. 393 (1980)

The NATIONAL STATE BANK, ELIZABETH, N. J., Plaintiff, v. AMERICAN HOME ASSURANCE CO., Defendant.

United States District Court, S. D. New York.

June 26, 1980.

Attorney(s) appearing for the Case

Mackenzie, Welt, Duane & Lechner, Elizabeth, N. J., for plaintiff.

Kreindler & Kreindler, New York City, for plaintiff class.

Otterbourg, Steindler, Houston & Rosen, P. C., New York City, for Chemical Bank.

Jackson & Nash, New York City, for defendant.

PIERCE, District Judge.

MEMORANDUM OPINION AND ORDER

This is an action for declaratory judgment regarding an insurance policy issued by defendant American Home Assurance Co. ("American Home"). The parties have stipulated to all issues of material fact and have cross-moved for summary judgment pursuant to Rule 56 of the Federal Rules of Civil Procedure.

FACTS

Some time prior to April 1975, American Home issued an insurance policy...

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