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KRAUSE v. AMER. GUAR. INS.

27 A.D.2d 353 (1967)

Sydney Krause, as Trustee for Creditors of D. R. Comenzo & Co., Inc., Respondent, v. American Guarantee and Liability Insurance Company, Defendant-Appellant and Third-Party Plaintiff-Appellant; American Express Company, Third-Party Defendant-Respondent

Appellate Division of the Supreme Court of the State of New York, First Department.

April 27, 1967.

Attorney(s) appearing for the Case

Covington Hardee of counsel (William C. Blind, Leonard P. Gaines, John T. Moran, Jr., and David J. Sweet with him on the brief; Clark, Carr & Ellis, attorneys), for defendant and third-party plaintiff-appellant.

George J. Hirsch of counsel (Krause, Hirsch & Gross, attorneys), for respondent.

Edwin J. Wesely of counsel (Peter H. Kaminer and Arthur A. Munisteri with him on the brief; Winthrop, Stimson, Putnam & Roberts, attorneys), for third-party defendant-respondent.

STEVENS and TILZER, JJ., concur with STEUER, J.; McGIVERN, J., dissents in opinion, in which BOTEIN, P. J., concurs.

STEUER, J.

Plaintiff is a trustee for the benefit of creditors of D. R. Comenzo & Co., Inc., a brokerage firm. Hereinafter the cestui will be referred to as plaintiff. Defendant, an insurance company, issued to plaintiff a broker's blanket bond insuring against certain losses. Plaintiff claims that it suffered such losses because of its extension of credit on certain warehouse receipts alleged to have...

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