Legal Opinion
Groseclose v. Merchants National Bank & Trust Co.
New York Supreme Court
Decided July 6, 1972PublishedCited by 1 opinion
1Opinion of the CourtJohn it. Tenney, J.
Plaintiffs Edward Groseclose and David L. Shinaman are minority bondholders of A.C. Leasing, Inc., holding about 15% of the outstanding bonds. The bonds were purchased September 7, 1962, and were due January 1, 1966. They are to pay interest at 7% per annum payable semiannually commencing from April 18, 1961. The bonds are secured by a mortgage deed of trust from A.O. Leasing, Inc. to Merchants National Bank & Trust Company of Syracuse.
The mortgage deed provides that in the event of default for 60 days in the payment of interest, the principal may be declared due. No interest has been paid,…
2Cases cited15 opinions
- Beveridge v. New York Elevated RailroadNew York Court of Appeals · 1889
- Hazzard v. Chase National BankNew York Supreme Court · 1936
- Colorado & Southern Railway Co. v. BlairNew York Court of Appeals · 1915
- Benton v. Safe Deposit BankNew York Court of Appeals · 1931
- Hazzard v. Chase N. Bk. C. of N.Y.New York Court of Appeals · 1940
10 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- AMBAC Indemnity Corp. v. Bankers Trust Co.New York Supreme Court · 1991