Merritt-Chapman & Scott Corp. v. New York Trust Co.

SWAN, Circuit Judge.

This litigation involves the rights of holders of stock purchase warrants issued by Merritt-Chapman & Scott Corporation pursuant to a trust deed made with The New York Trust Company as trustee under date of December 1, 1928, with respect to a stock dividend declared by the corporation on July 12, 1950. The case is before us upon appeal from a summary judgment in a declaratory judgment action.1 Federal jurisdiction rests on diversity of citizenship. The issue decided below and now presented on appeal turns on the proper interpretation to be given to certain provisions,…