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CONTINENTAL MTG. INVESTORS v. FIRST NAT. CITY BANK

No. 76 CIV 712 (LBS).

470 F.Supp. 59 (1979)

CONTINENTAL MORTGAGE INVESTORS, Plaintiff, v. FIRST NATIONAL CITY BANK, Defendant.

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

March 8, 1979.

Attorney(s) appearing for the Case

Burns, Jackson, Miller, Summit & Jacoby, New York City, for plaintiff; Stuart A. Summit, Gary L. Maddock, New York City, of counsel.

Shearman & Sterling, New York City, for defendant; Andrew S. O'Connor, New York City, of counsel.

OPINION

SAND, District Judge.

The issue to be resolved in this non-jury proceeding is whether the sum of $1,261,937.50 held by defendant First National City Bank ("Citibank") should be distributed to holders of subordinated debentures issued by Continental Mortgage Investors ("CMI") or whether said funds should be returned to CMI. In resolving this issue, we must determine whether a certain transfer of funds from CMI to Citibank was made pursuant to a Trust...

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