Legal Opinion
Neptune City v. Seacoast Trust Co.
New Jersey Court of Chancery
Decided July 6, 1934PublishedCited by 4 opinions
1Opinion of the Court
When the Seacoast Trust Company suspended and was taken over by the commissioner of banking and insurance on December 22d 1931, it was the owner of certain serial coupon bonds of the complainant, aggregating $27,000, none of which were then due, but to become due periodically from July 1st, 1932, to February 2d 1945. At the same time, the complainant borough had on deposit with the Trust Company, subject to check, the sum of $50,496.09. On $16,000 of the bonds the borough defaulted in the payment of interest on February 2d 1932; and a like default occurred on the remaining $11,000 on July…
2Cases cited11 opinions
- Fera v. . WickhamNew York Court of Appeals · 1892
- Smith v. Washington Casualty InsuranceNew Jersey Court of Chancery · 1932
- Rogosin v. City Trust Co. of PassaicNew Jersey Court of Chancery · 1930
- Shields v. John Shields Construction Co.New Jersey Court of Chancery · 1914
- Stockton v. Mechanics & Laborers Savings BankNew Jersey Court of Chancery · 1880
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3Cited by4 opinions
- McFarland v. WithersNew Jersey Court of Chancery · 1937
- Thomas v. National BankUnited States District Court · 1938
- Verdi v. Jefferson Trust Co.New Jersey Superior Court Appellate Division · 1938
- Withers v. Jefferson Trust Co.New Jersey Superior Court Appellate Division · 1938