National Shawmut Bank v. Hole

The plaintiffs, The National Shawmut Bank of Boston (Fiscal Agent) and three savings banks, the Worcester County Institution for Savings, the Malden Savings Bank, and The Boston Five Cents Savings Bank, holders of over ten per cent of the outstanding bonds of the defendant Woods Hole, Martha’s Vineyard and Nantucket Steamship Authority (authority), bring this bill seeking declaratory relief. At stake is the disposition of certain funds held by the Fiscal Agent acting in that capacity under a resolution of the authority. The facts are not in dispute. We refer to the findings of the judge which…