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ERBE v. LINCOLN ROCHESTER TRUST CO.

3 N.Y.2d 321 (1957)

Gustav Erbe, Jr., Individually and as Executor and Trustee under the Will of Gustav Erbe, Deceased, et al., Appellants, v. Lincoln Rochester Trust Company, Individually and as Executor and Trustee under the Will of Gustav Erbe, Deceased, et al., Respondents.

Court of Appeals of the State of New York.

Decided July 3, 1957.

Attorney(s) appearing for the Case

Matthew J. Shevlin and Harold G. Hutchens for appellants.

William H. Morris and Leonard S. Zartman for Lincoln Rochester Trust Company and others, respondents. William H. Morris and Wallace J. Wolf, Jr., for Wallace J. Wolf and another, respondents.

CONWAY, Ch. J., DESMOND, DYE, FULD and FROESSEL, JJ., concur with BURKE, J.; VAN VOORHIS, J., dissents and votes to affirm.

BURKE, J.

Plaintiffs are persons interested in the estate of Gustav Erbe, who died testate in 1931. A predecessor to the defendant bank, together with others, including the plaintiff Gustav Erbe, Jr., duly qualified as executors of the will. The bank was also a creditor of the estate. A major portion of the estate assets consisted of shares of common and preferred stock in a closely held corporation of which the...

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