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BARBI v. W. E. HUTTON & CO.

53 A.D.2d 562 (1976)

Madeline O. Barbi, as Trustee for Alison Barbi and Others, Appellant, v. W. E. Hutton & Co. et al., Respondents

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

June 22, 1976

By the terms of a contract entitled a cash subordination agreement, the plaintiff lent $77,000 to the defendant W. E. Hutton & Co., a general partnership brokerage firm, now in liquidation. Repayment was subordinated to payment of all nonsubordinated creditors of the firm. By its terms, the agreement was not to be assigned or otherwise encumbered without the written consent of the New York Stock Exchange and it provided that...

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