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TEMPLE v. CLINTON TRUST COMPANY

1 N.J. 219 (1948)

62 A.2d 690

JOHN H. TEMPLE ET AL., COMPLAINANTS-APPELLANTS, v. CLINTON TRUST COMPANY ET AL., DEFENDANTS-RESPONDENTS.

The Supreme Court of New Jersey.

Decided December 20, 1948.

Attorney(s) appearing for the Case

Mr. Isadore Glauberman argued the cause for complainants-appellants (Mr. Samuel Hollander, attorney).

Mr. Herbert J. Hannoch and Mr. Fred Herrigel, Jr. argued the cause for defendants-respondents William Beckelman and Markley Opdyke, Class Representatives of Common Stockholders, and Pascal & Beckelman, Inc.

Mr. Charles Danzig argued the cause for defendant-respondent Fidelity Union Trust Company (Messrs. Riker, Emery & Danzig, attorneys).

Mr. Richard J. Congleton argued the cause for defendants-respondents, Clinton Trust Company and Thomas L.H. Crooks, et al., trustees in dissolution of Clinton Trust Company.

The opinion of the court was delivered by HEHER, J.

The essential question here is whether assets transferred by the Clinton Trust Company to the Newark Mortgage Company, a subsidiary holding company, "were impressed with a trust" for the benefit of the holders of participation certificates issued by the Mortgage Company to depositors of the Trust Company as of March 3, 1933, when it suspended business in accordance with the Presidential proclamation of a "bank holiday...

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