HARRY BEHRMAN, JOHN J. HALL, ALOYSIUS J. O'BRIEN, AMOS H. RADCLIFFE AND CHARLES H. ROEMER, TRUSTEES UNDER A TRUST AGREEMENT DATED DECEMBER 26, 1934, BETWEEN THEM AND THE FRANKLIN TRUST COMPANY OF PATERSON, PLAINTIFFS,
v.
JOHN J. EGAN AND GEORGE LENDRIM, AS REPRESENTATIVES OF THE HOLDERS OF CLASS "A" CERTIFICATES; AND WILLIAM E. BROWNE AND MOSES I. FULD, AS REPRESENTATIVES OF THE HOLDERS OF CLASS "B" CERTIFICATES, DEFENDANTS.
Superior Court of New Jersey, Chancery Division.https://leagle.com/images/logo.png
Decided December 28, 1951.
Decided December 28, 1951.
Attorney(s) appearing for the Case
Messrs. Randal B. Lewis, Walter D. Van Riper and William W. Evans, attorneys for the plaintiffs.
Mr. Walter J. Hunziker, attorney for defendants Egan and Lendrim.
Mr. Vincent C. Duffy, attorney for defendants Browne and Fuld.
Messrs. Herman H. Singer and Albert S. Gross, attorneys for estates of James R. O'Dea, et als.
Mr. George F. Miller, attorney for estate of Joseph Teshon, et al.
Messrs. Frankel & Frankel, attorneys for intervenor Nathan Metzger.
Superior Court of New Jersey, Chancery Division.
GRIMSHAW, J.S.C.
In March of 1933, following a presidential proclamation declaring a "bank holiday," the Franklin Trust Company of Paterson, in company with the other banking institutions of the country, suspended business operations. When the "holiday" ended, the trust company resumed operations on a severely restricted basis. This restricted operation continued until January 15, 1935. Then, after a plan of reorganization...
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