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New York Supreme Court, 1937

In re Bond & Mortgage Guarantee Co.

In re Bond & Mortgage Guarantee Co.
New York Supreme Court · Decided November 10, 1937 · Frankenthaler
169 Misc. 196; 7 N.Y.S.2d 254; 1937 N.Y. Misc. LEXIS 1223

Counsel

Abraham J. Halprin, for the trustee., Maurice Finkelstein, for the State Mortgage Commission, for the motion., J. Donald Whelehan, for the Superintendent of Insurance of the State of New York, opposed.

In re Bond & Mortgage Guarantee Co.

Opinion of the Court

Frankenthaler, J.

The certificates contain no provision to the effect that the guarantee company (as distinguished from the title company) shall have the right to hold certificates for its own account or that such certificates are to share equally with certificates held by others. The “ presumption ” is that the holdings of the guarantee company are subordinate to those of other certificate holders. (Matter of Title Mortgage Guaranty Co., 275 N. Y. 347, at p. 355.) As there is nothing to rebut this presumption, the motion is granted. Settle order.

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