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FID. & DEP. CO. v. CHEM. BK. TR. CO.

62 Misc.2d 509 (1970)

Fidelity and Deposit Co. of Maryland, Plaintiff, v. Chemical Bank New York Trust Co., Defendant.

Civil Court of the City of New York, Trial Term, New York County.

February 16, 1970

Attorney(s) appearing for the Case

Hendler & Murray (Jerome Murray of counsel), for plaintiff. John B. Wynne and Harold Weisblatt for Chemical Bank New York Trust Co., defendant and third-party plaintiff. Sherman & Sterling (Peter Ness of counsel), for First National City Bank, third-party defendant. Herman, McMahon, George & Herman (William H. George of counsel), for Valley National Bank of Long Island, third-party defendant.

LOUIS GROSSMAN, J.

This case is considered on a stipulation of facts amplified by testimony in open court. It appears that plaintiff Fidelity and Deposit Company of Maryland is the bonding company and subrogee of Hertz, Neumark & Warner, stockbrokers and members of the New York Stock Exchange (hereinafter referred to as Hertz).

In April, 1966, Hertz employed one Richard Jonny as a margin clerk who...

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