Bank of New York v. Williams

11 MURRAY, Judge.

This litigation arises from a 1983 real estate transaction involving the Industrial Development Board of the City of New Orleans, Inc. (the Board),' Days Inns of America, Inc. (Days Inns), and both the City of New Orleans (the City) and its Third District Tax Assessor (the Assessor). In this appeal from the trial court’s grant of a summary judgment and related exceptions, the issue is whether the Bank of New York, current trustee for the bondholders who financed the transaction (the Trustee), is obligated to make payments in lieu of taxes (PILOT payments) previously owed by…