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UNION HUDSON SEC. CO. v. FED. DEPOSIT INS. CORP.

4 N.J. Super. 495 (1949)

67 A.2d 905

UNION HUDSON SECURITIES COMPANY ET AL., PLAINTIFFS-APPELLANTS, v. FEDERAL DEPOSIT INSURANCE CORPORATION AND TRUST COMPANY OF NEW JERSEY, DEFENDANTS-RESPONDENTS.

Superior Court of New Jersey, Appellate Division.

Decided August 12, 1949.

Attorney(s) appearing for the Case

Mr. Aaron A. Melniker (Mr. Thomas B. Davidson, attorney) argued the cause for the plaintiffs-appellants.

Mr. Edward J. O'Mara (Messrs. O'Mara, Conway & Schumann, attorneys) argued the cause for the defendant-respondent, Federal Deposit Insurance Corporation.

Mr. William H. Speer argued the cause for the respondent, Trust Company of New Jersey.

Before Judges JAYNE, DAVIDSON and WILLIAM J. BRENNAN.

The opinion of the court was delivered by JAYNE, J.S.C.

The principal events from which the inauguration of the present action has somewhat belatedly arisen are not in any material respect denied. They were ensuing occurrences of the period of chaotic desperation during which in the anxieties of bankers, decaying securities and wishful salvage were the predominant subjects of meditation. In the emergencies, rescue was sought on available terms however disappointing...

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