Empire Properties Corp. v. Manufacturers Trust Co.

Lehman, Ch. J.

Empire Properties Corporation (Delaware) and the defendants entered into a written indenture of trust dated January 1, 1935. A controversy has arisen in regard to the construction of that indenture. The parties have submitted the controversy to the Appellate Division upon an agreed statement of facts, pursuant to sections 546 to 548 of the Civil Practice Act.

The trust indenture “ contemplated,” it is agreed, that Empire Properties Corporation (Delaware), sometimes referred to in the indenture as the “ Company,” should issue thereunder “ collateral trust bonds in exchange for an…