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MATTER OF SCARBOROUGH PROPS. CORP.

25 N.Y.2d 553 (1969)

In the Matter of Scarborough Properties Corporation. First National City Bank et al., as Trustees of Certain Trusts Created by Agreements Dated December 30, 1953, et al., Respondents; Amanda S. Palmer et al., Appellants.

Court of Appeals of the State of New York.

Decided December 11, 1969.

Attorney(s) appearing for the Case

Wendell Davis, Jr. for appellants.

Michael J. Walsh, Charles Goodwin, Jr. and Gerard T. Shevlin for respondents.

Judges BURKE, SCILEPPI, BERGAN, BREITEL, JASEN and GIBSON concur.

Chief Judge FULD.

The petitioners herein are trustees of various trusts, some testamentary and some inter vivos. A portion of the trust property comprises a minority stock interest in a corporation (Scarborough Properties), the assets of which consist of securities and real estate. One of the trustees (Dudley Schoales), desiring to purchase a portion of the property held in trust, has, along with his cotrustees...

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