In re New York Title & Mortgage Co.

Under the circumstances disclosed in the petition, to treat the title company and its subsidiary as separate entities would work a fraud upon the certificate holders. A proper case for piercing the corporate entity is presented. (See Prudential Ins. Co. v. Liberdar Holding Corp., 72 F. [2d] 395, 398.) The petition alleges without contradiction that the agreement between the title company and its subsidiary was made on or about September 20, 1932, “ in contemplation of the deposit by the Title Company ” of the senior interest in the bond and mortgage as collateral for the payment of Series B-l…