New York Supreme Court, 1937

In re the New York Title & Mortage Co.

In re the New York Title & Mortage Co.
New York Supreme Court · Decided June 18, 1937 · Frankenthaler
166 Misc. 147; 2 N.Y.S.2d 154; 1937 N.Y. Misc. LEXIS 1168

Counsel

Abraham J. Halprin, for the trustee, for the motion., William S. Shea, for the liquidator of New York Title and Mortgage Company, opposed.

In re the New York Title & Mortage Co.

Opinion of the Court

Frankenthaler, J

The provisions of the certificates and deposit agreement in this issue differ from those usually found in other issues. There is no provision that the title company may *148itself own or hold certificates and, in addition, the provisions of paragraph 17 of article V of the depositary agreement tend to indicate that it was not intended to permit the title company to become a certificate holder with the same rights as other certificate holders. The present motion for an adjudication that the certificates owned or claimed to be owned by the title company and/or the Superintendent of Insurance as liquidator are subordinate to those held by certificate holders is granted. Settle order.

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