City Of Rye v. Public Serv. Mut. Ins. Co.

315 N.E.2d 458 (1974)

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Nature of the Case

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Facts

The developers of a number of co-operative apartment buildings were required by the City of Rye (P) to post a $100,000 bond and to pay $200 per day for each day after April 1971 that the remaining units were not completed. 500 days passed and the city sought to recover on the bond. This action ensued, and a motion for summary judgment was denied to P in that the bond was a penalty. P appealed.