Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Chemical Bank

57 N.Y.2d 439 (1982)

Merrill Lynch, Pierce, Fenner & Smith, Incorporated, Respondent,

v.

Chemical Bank, Appellant. (And a Third-Party Action.)

Court of Appeals of the State of New York.

Argued October 5, 1982.

Decided November 18, 1982.

Harold Weisblatt, John B. Wynne and Kenneth J. Kelly for appellant.

Roger J. Hawke for respondent.

Judges JASEN, GABRIELLI, JONES and MEYER concur with Judge FUCHSBERG; Chief Judge COOKE concurs in a separate opinion in which Judge WACHTLER concurs.

FUCHSBERG, J.

This appeal requires us to explore the extent to which, if at all, immunity from liability accorded a drawee…