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GRACE v. STERLING GRACE & CO.

30 A.D.2d 61 (1968)

Lorraine G. Grace, Respondent-Appellant, v. Sterling, Grace & Company, Appellant-Respondent, and Cleveland Trust Company, Respondent-Appellant

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

April 30, 1968.

Attorney(s) appearing for the Case

Sydney J. Schwartz for appellant-respondent.

John F. Cannon of counsel (Robert P. Borsody with him on the brief; Sullivan & Cromwell, attorneys), for Cleveland Trust Company, respondent-appellant.

Louis P. Neustein of counsel (Neustein & Kraut, attorneys), for Lorraine G. Grace, respondent-appellant.

CAPOZZOLI, J., concurs with EAGER, J. P.; McGIVERN, J., concurs in separate opinion; STEUER, J., dissents in opinion, in which McNALLY, J., concurs.

EAGER, J. P.

This action was brought to recover damages for the loss sustained by the owner of certain convertible debentures by reason of a failure to convert them into stock prior to their redemption date, and all parties appeal from an order and judgment entered upon a determination of plaintiff's motion and defendants' cross motions for summary judgment.

Plaintiff was the owner of $25,000 4¼%...

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