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MATTER OF SCHAEFER

18 N.Y.2d 314 (1966)

In the Matter of Philip G. Schaefer, Deceased. German Roman Catholic Orphan Home of Buffalo et al., Appellants; Liberty National Bank and Trust Company et al., Respondents.

Court of Appeals of the State of New York.

Decided October 25, 1966.

Attorney(s) appearing for the Case

Kevin Kennedy for appellants.

Paul C. Weaver for Liberty National Bank and Trust Company, respondent.

Chief Judge DESMOND and Judges FULD, VAN VOORHIS, BURKE, BERGAN and KEATING concur.

SCILEPPI, J.

In April of 1932 the Federal Concrete Co., Inc., executed a promissory note in the sum of $51,500 payable three months thereafter to Liberty National Bank and Trust Company and indorsed by Walter E. Jones, Philip G. Schaefer and two others. Schaefer died in May of that year, and subsequently a claim was filed against his estate on the unpaid note. During the administration of the estate, which went...

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