Legal Opinion
Chabot v. Empire Trust Co.
Court of Appeals for the Second Circuit
Decided March 28, 1962No. Nos. 219, 220, Dockets 26844, 26845PublishedCited by 5 opinions
1Opinion of the Court
HAYS, Circuit Judge.
The issue which we are called upon to decide is whether a trustee of an investment trust registered under the Investment Company Act of 19401 can protect itself from liability to shareholders of the fund by including in the trust indenture a provision requiring shareholders to provide “indemnity” for the costs and expenses of actions against the trustee. We hold that § 17 (h) of the Act prevents the trustee from requiring such indemnity.
The appellants are shareholders in the National Securities Series, a mutual investment fund organized as a common law trust and registered…
2Cases cited5 opinions
- Brown v. BullockCourt of Appeals for the Second Circuit · 1961
- Duncan v. ThompsonSupreme Court of the United States · 1942
- McClure v. Borne Chemical Co.Court of Appeals for the Third Circuit · 1961
- Aleen Chabot v. National Securities and Research Corporation and Empire Trust Company, Seymour Schwartz v. National Securities and Research Corporation and Empire Trust CompanyCourt of Appeals for the Second Circuit · 1961
- Chabot v. Empire Trust Co.District Court, S.D. New York · 1960
3Cited by5 opinions
- Morton Globus v. Law Research Service, Inc.District Court, S.D. New York · 1968
- Bloom v. BradfordDistrict Court, E.D. New York · 1979
- Ruskay v. ReedDistrict Court, S.D. New York · 1963
- Kerner v. CrossmanDistrict Court, S.D. New York · 1962
- Aleen Chabot v. Empire Trust Company, and National Securities & Research Corporation, Seymour Schwartz v. National Securities & Research Corporation, and Empire Trust CompanyCourt of Appeals for the Second Circuit · 1962