Wichita Federal Savings and Loan Ass'n v. Comark

LASKER, District Judge.

This motion presents the issue, simply stated though analytically complex, of whether defendant Marine Midland Bank, N.A. (“Marine”), or the plaintiffs, five savings and loan associations and a municipality, 1 are entitled to priority in claiming ownership of eight government securities worth, according to their face value, $10.5 million. Marine moves for summary judgment to dismiss the claims asserted against it as to these securities on the grounds that, as between the plaintiffs and Marine, both federal and state law establishes Marine’s priority claim over them. 2…