State Street Bank & Trust Co. v. Commonwealth, Treasury Department

COLINS, President Judge.

Before the Court are preliminary objections filed by the Treasury Department and Barbara Hafer as Treasurer for the Commonwealth (Treasurer Hafer) to State Street Bank’s (Bank) action seeking a declaration that Treasurer Hafer cannot unilaterally terminate custody and securities lending agreements between the Treasury Department and the Bank. Also before us are cross-motions for summary relief.

On November 7, 1994 the Treasury Department entered into two agreements with the Bank. The first was a two-year global custody and safekeeping services agreement (custody…