Gellens v. Continental Bank & Trust Co.

The plaintiff, claiming to be a bondholder under a trust indenture of which the defendant is trustee, instituted this *592action on behalf of himself and all other bondholders similarly situated to require the defendant to make pro rata distribution among the bondholders of a sum of money which it had received on account of interest and principal. The plaintiff’s motion for summary judgment was granted by the court at Special Term.

We think there is at least one objection which is fatal to the judgment. The foundation of the plaintiff’s cause of action is the ownership of a bond or bonds of the…