New York Trust Co. v. American Realty Co.

The question presented for decision is whether the

two counterclaims set up by the defendants herein in their amended answer are available as against the plaintiff, as trustee.

The complaint sets forth seven causes of action. The first is for the principal and interest on an overdue note for $100,000 made by the defendant American Realty Company and payment thereof guaranteed by the defendant International Paper Company. The remaining causes of action are to recover interest upon six other promissory notes, the principal amount of which had not become due at the time of the commencement of the…