Legal Opinion
Ray v. Marine Midland Grace Trust Co.
New York Court of Appeals
Decided July 15, 1974PublishedCited by 20 opinions
1Opinion of the Court
Chief Judge Breitel.
Plaintiff Bay, 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. Bay 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…
2Cases cited10 opinions
- Hansberry v. LeeSupreme Court of the United States · 1940
- Daar v. Yellow Cab Co.California Supreme Court · 1967
- Eisen v. Carlisle & JacquelinCourt of Appeals for the Second Circuit · 1973
- Kovarsky v. Brooklyn Union Gas Co.New York Court of Appeals · 1938
- Brenner v. Title Guarantee & Trust Co.New York Court of Appeals · 1937
5 more not listed; retrieve them via the Exa API.
3Cited by20 opinions
- Jones v. BermanNew York Court of Appeals · 1975
- Friar v. Vanguard Holding Corp.Appellate Division of the Supreme Court of the State of New York · 1980
- Gurnee v. Aetna Life & Casualty Co.New York Court of Appeals · 1982
- Higby v. MahoneyNew York Court of Appeals · 1979
- Martin v. LavineNew York Court of Appeals · 1976
15 more not listed; retrieve them via the Exa API.