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MIDLANTIC NAT. BK. v. FRANK G. THOMPSON FOUND.

170 N.J. Super. 128 (1979)

405 A.2d 866

MIDLANTIC NATIONAL BANK (FORMERLY NATIONAL NEWARK AND ESSEX BANK), A NATIONAL BANKING ASSOCIATION, PLAINTIFF, v. FRANK G. THOMPSON FOUNDATION, A CORPORATION NOT FOR PROFIT, CHARLES D. GEER, AND WILLIAM F. HYLAND, ATTORNEY GENERAL OF THE STATE OF NEW JERSEY, DEFENDANTS.

Superior Court of New Jersey, Chancery Division.

June 18, 1979.

Attorney(s) appearing for the Case

Mr. Harry Schaffer for plaintiff.

Ms. Rebecca Fields, Deputy Attorney General, for defendants (Mr. John J. Degnan, Attorney General, attorney).

DWYER, J.S.C.

The successor trustees of the Frank G. Thompson Foundation, a nonprofit corporation organized under the laws of New Jersey, (Foundation) petitioned the court for advice as to whether the Foundation could: (1) award scholarships to young women as well as young men, and (2) enter into a contract with the Midlantic National Bank (bank) or (executor) for custodial and investment advice concerning the securities it was about to receive from the executor....

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