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FIELAND v. CHASE MANHATTAN MORTGAGE & REALTY TRUST

67 A.D.2d 888 (1979)

Louis C. Fieland, Individually and on Behalf of All Other Holders of Chase Manhattan Mortgage and Realty Trust, Similarly Situated, Appellant, v. Chase Manhattan Mortgage and Realty Trust, Respondent, et al., Defendants, and Fidelity Union Trust Company, Intervenor-Respondent

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

February 27, 1979

Chase Manhattan Mortgage and Realty Trust (CMART) had defaulted in payment of over $38 million in its 7 7/8% notes due May 1, 1978. The notes were issued pursuant to a trust indenture which provided, inter alia, that in the event of a default a specifically named trustee or its successor was empowered to take any action necessary to recover overdue principal and interest on behalf of the noteholders. After the default five separate actions were instituted in Supreme...

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