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PRUDENTIAL INS. CO. v. LIBERDAR HOLDING CORPORATION

No. 493.

72 F.2d 395 (1934)

PRUDENTIAL INS. CO. OF AMERICA v. LIBERDAR HOLDING CORPORATION. SAME v. LAND ESTATES, Inc. VAN SCHAICK v. WILLIAMS et al.

Circuit Court of Appeals, Second Circuit.

August 7, 1934.

Attorney(s) appearing for the Case

Greenbaum, Wolff & Ernst, of New York City (Lawrence S. Greenbaum, of New York City, Hyman W. Kehl, Theodore S. Jaffin, Benjamin Kaplan, and Justin N. Reinhardt, all of New York City, of counsel), for rehabilitator.

Engelhard, Pollak, Pitcher, Stern & Clarke, of New York City (Carl S. Stern, Murray I. Gurfein, and Isadore Polier, all of New York City, and Maurice Ravage, of Long Island City, N. Y., of counsel), for receivers.

Before MANTON, L. HAND, and SWAN, Circuit Judges.

L. HAND, Circuit Judge.

The controversies which these appeals concern, arose in the following way: The New York Title & Mortgage Company had for many years been engaged in the sale and guaranty of mortgages. Among other forms of security which it issued were "Guaranteed First Mortgage Certificates." These were created as follows: The company, being the mortgagee of many mortgages on separate parcels of land, would deposit a number of them in a pool with a depositary...

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