Riback v. Broderick

Action by plaintiff, a bondholder, on defendant banking corporation’s written guaranty of payment of first mortgage collateral bonds, the defendant having failed to pay principal and interest due on the bonds after the maker’s default. The separate defense, based on chapter 41 of the Laws of 1933, which gives the Banking Board, during the period of an emergency, power to suspend any provision of the Banking Law in whole or in part and also power to adopt, rescind or amend rules and regulations inconsistent with and in contravention of any law to safeguard the interest of depositors and…