Madison 52nd Corp. v. Empire Trust Co.

On this submission of controversy upon agreed facts, pursuant to sections 546 to 548 of the Civil Practice Act, judgment is directed, without costs, in favor of the defendant Empire Trust Company, as trustee, that the sum of $50,000 held by it in the lease security fund is the property of the holders of the bonds which were called for redemption as of January 1, 1960, and should be distributed to them pro rata, in accordance with the provisions of the indenture. The provisions of section 5 of article III of the Indenture of Mortgage, expressly designate the funds in the lease security fund as…