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U. S. FID. & GUAR. CO. v. ROYAL NAT. BANK OF N. Y.

No. 68 Civ. 2054 (HFW).

413 F.Supp. 43 (1976)

UNITED STATES FIDELITY & GUARANTY COMPANY, Plaintiff, v. ROYAL NATIONAL BANK OF NEW YORK and Merrill Lynch, Pierce, Fenner & Smith, Inc., Defendants.

United States District Court, S. D. New York.

As Amended February 9, 1976.

Attorney(s) appearing for the Case

Samuel Komoroff, New York City, for plaintiff.

Konheim & Halpern, New York City, for defendant Merrill Lynch, Pierce, Fenner & Smith, Inc.

Hart & Hume, New York City, for defendant Royal Nat. Bank of New York.

OPINION

WERKER, District Judge.

This is an action to recover damages for the conversion of certain United States Treasury Notes arising under the following circumstances.

On May 15, 1966, W. E. Hutton & Company (Hutton) had in its possession the Treasury Notes which are the subject of this action in a vault room in the Bankers Trust Company at 14 Wall Street, New York, New York. Late in August 1966 when the

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