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STOCK CLEARING CORP. INC. v. WEIS SECURITIES, INC.

No. 928, Docket 75-7648.

542 F.2d 840 (1976)

In the Matter of WEIS SECURITIES, INC., Debtor. STOCK CLEARING CORPORATION INC., Plaintiff-Appellant, v. WEIS SECURITIES, INC., and Edward S. Redington, as Trustee of Weis Securities, Inc., Defendants-Appellees, Securities Investor Protection Corporation, Applicant-Appellee.

United States Court of Appeals, Second Circuit.

Decided September 15, 1976.

Attorney(s) appearing for the Case

Mark L. Davidson, New York City (Milbank, Tweed, Hadley & McCloy, New York City, on the brief), for plaintiff-appellant.

George A. Davidson, New York City (Hughes Hubbard & Reed, Neil A. Goteiner, New York City, of counsel), for defendant-appellee Edward S. Redington, as Trustee of Weis Securities, Inc.

George F. Bingham, Atty., Securities Investor Protection Corp., Washington, D. C. (Theodore H. Foche, Gen. Counsel, Securities Investor Protection Corp., on the brief; Wilfred R. Caron, Michael E. Don, Washington, D. C., of counsel), for appellee Securities Investor Protection Corporation.

Before LUMBARD, HAYS and GURFEIN, Circuit Judges.

HAYS, Circuit Judge:

Plaintiff-appellant, Stock Clearing Corporation Inc. ("SCC"), appeals from an order of the district court which affirmed an order of the Bankruptcy Court dismissing SCC's complaint. By its complaint SCC sought reclamation of securities delivered to the bankrupt, Weis Securities, Inc. ("Weis"), by SCC for which SCC has not received payment.1

SCC, a New York corporation and wholly-owned subsidiary of the New...

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