(DOWNLOAD) "David Ray v. Marine Midland Grace Trust Company" by Court of Appeals of New York # eBook PDF Kindle ePub Free
eBook details
- Title: David Ray v. Marine Midland Grace Trust Company
- Author : Court of Appeals of New York
- Release Date : January 15, 1974
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 69 KB
Description
Plaintiff Ray, purporting to represent himself and certain of the owners of certain Webb & Knapp, Inc. debentures, has brought a class action against the indenture trustee, appellant Marine Midland Grace Trust Company. Ray alleges breach of trust, gross negligence, and conflict of interest by Marine Midland in failing to protect to their loss the rights of owners of Webb & Knapp 5% Sinking Fund Debentures, who acquired them prior to May 7, 1965 and still own or sold them at a loss after June 1, 1961. The only issue on this appeal by the trustee is whether the class action is maintainable. Both courts below have allowed the class action.