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US FID & GUAR CO v. SMITH CO

46 N.Y.2d 498 (1979)

United States Fidelity and Guaranty Company, Appellant, v. E. W. Smith Co., Respondent.

Court of Appeals of the State of New York.

Decided February 22, 1979.

Attorney(s) appearing for the Case

Morris Block for appellant.

Charles A. Crocco, Jr., for respondent.

Chief Judge COOKE and Judges JASEN, GABRIELLI, JONES and FUCHSBERG concur with Judge WACHTLER.

WACHTLER, J.

In October, 1968, 20 stock certificates, representing 2,000 shares of Standard Oil of Indiana, were stolen from the New York offices of W. E. Hutton and Company, a New York brokerage firm. Later that month, defendant E. W. Smith Company, a Pennsylvania corporation not then registered to do business in New York, allegedly obtained those certificates through...

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