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IN RE PRUDENCE CO.

Nos. 210-213.

82 F.2d 755 (1936)

In re PRUDENCE CO., Inc. MARINE MIDLAND TRUST CO. OF NEW YORK et al. v. CALLAGHAN et al.

Circuit Court of Appeals, Second Circuit.

March 9, 1936.

Attorney(s) appearing for the Case

Sullivan & Cromwell, of New York City (S. Pierce Browning, Jr., of New York City, of counsel), for appellant Marine Midland Trust Co., trustee.

Delafield, Thorne & Marsh, of New York City (George H. Porter and Wilmurt B. Linker, both of New York City, of counsel), for appellant City Bank Farmers Trust Co.

Carter, Ledyard & Milburn, of New York City (J. M. Richardson Lyeth and John P. Allee, both of New York City, of counsel), for appellant President and Directors of Manhattan Co., trustee.

Miller, Owen, Otis & Bailly, of New York City (Edward J. Bennett and Mark F. Hughes, both of New York City, of counsel), for appellee Prudence Co., Inc., debtor.

Kaufman, Weitzner & Celler, of New York City, and Thomas Cradock Hughes, of Brooklyn, N. Y. (Samuel H. Kaufman and Emil Weitzner, both of New York City, Thomas Cradock Hughes, of Brooklyn, N. Y., and Isadore Polier, Harold S. Lynton, and Irving L. Schanzer, all of New York City, of counsel), for trustees of Prudence Co., Inc., debtor.

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

CHASE, Circuit Judge (after stating the facts as above).

The theory upon which the appellees in the main rely is that, although Prudence-Bonds Corporation held the legal title to the securities which it transferred to each of the appellants in trust, those securities were, as between Prudence-Bonds Corporation and itself, owned by the Prudence Company, Inc., whose obligation as the guarantor of the bonds issued by Prudence-Bonds Corporation was the primary obligation...

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