INS. CO. OF N. AM. v. ALLIED CRUDE VEG. OIL, ETC.


89 N.J. Super. 518 (1965)

215 A.2d 579

INSURANCE COMPANY OF NORTH AMERICA, ET AL., PLAINTIFFS, v. ALLIED CRUDE VEGETABLE OIL REFINING CORPORATION, BY ITS TRUSTEE IN BANKRUPTCY, DANIEL F. DELEAR, ET AL., DEFENDANTS.

Superior Court of New Jersey, Chancery Division.

Decided December 17, 1965.


Attorney(s) appearing for the Case

Mr. Harold A. Price and Mr. Stewart G. Pollock for plaintiffs (Messrs. Schenck, Price, Smith & King, attorneys).

Mr. David N. Ravin and Mr. Edward Gross for defendant Allied Crude Vegetable Oil Refining Corporation, by its trustee in bankruptcy, Daniel F. DeLear (Messrs. Ravin & Ravin, attorneys).

Mr. Stanley Weiss and Mr. David M. McCann for defendants Bank of America, Bank of America National Trust and Savings Association, Scarburgh Company, Inc., J. Henry Schroder Banking Corporation, The Marine Midland Trust Company of New York, and the Franklin National Bank of Long Island (Messrs. Carpenter, Bennett & Morrissey, attorneys).

Mr. Everett M. Scherer for defendant National Dairy Products Corporation (Messrs. Riker, Danzig, Scherer & Brown, attorneys).

Mr. Charles H. Hoens, Jr. and Mr. Theodore L. Abeles for defendant J.R. Williston & Beane, Inc. (Messrs. Lum, Biunno & Tompkins, attorneys).

Mr. Burton L. Eichler for defendant Whitney National Bank of New Orleans (Messrs. Zucker, Brach & Eichler, attorneys).

Mr. Frederic K. Becker for defendants Continental Grain Company and Irving Trust Company (Messrs. Wilentz, Goldman & Spitzer, attorneys).

Mr. Thomas J. O'Neill and Mr. Paul T. Murphy for defendant Bell Financial Corporation (Messrs. Crummy, Gibbons & O'Neill, attorneys).

Mr. John W. Griggs and Mr. Donald W. deCordova for defendant Continental Illinois National Bank and Trust Company (Messrs. Morrison, Lloyd & Griggs, attorneys).

Mr. John J. Monigan, Jr. for defendants Brown Brothers Harriman & Company and Morgan Guaranty Trust Company of New York (Messrs. Stryker, Tams & Dill, attorneys).

Mr. David Epstein for defendant A.J. Armstrong, Inc. (Messrs. Epstein & Fluharty, attorneys).

Mr. Samuel Allcorn, Jr. for defendant The Procter & Gamble Distributing Company.


MATTHEWS, J.S.C.

Plaintiffs instituted this action seeking to rescind a policy of insurance, designated W.S.-1, which covered vegetable oil allegedly in storage in Bayonne, New Jersey. The named insured in the policy is Allied Crude Vegetable Oil Refining Corporation (hereinafter Allied). Defendants in the action are Allied and various banks, producers of oil and dealers in oil which have been added to the policy by several endorsements. Since the commencement of...

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