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U. S. LIFE INS. CO. v. MECHANICS & FARMERS BANK

Nos. 81-2007, 81-2010.

685 F.2d 887 (1982)

The UNITED STATES LIFE INSURANCE COMPANY IN the CITY OF NEW YORK and Ministers Life, a Mutual Life Insurance Company, f/k/a Ministers Life and Casualty Union, Appellants, v. MECHANICS & FARMERS BANK, Appellee. The UNITED STATES LIFE INSURANCE COMPANY IN the CITY OF NEW YORK and Ministers Life, f/k/a Ministers Life and Casualty Union, Appellees, v. MECHANICS & FARMERS BANK, Appellant.

United States Court of Appeals, Fourth Circuit.

Decided August 10, 1982.

Attorney(s) appearing for the Case

E. D. Gaskins, Jr., Raleigh, N. C. (Renee J. Montgomery, Cynthia Wittmer West, Sanford, Adams, McCullough & Beard, Raleigh, N. C., on brief), for appellants in No. 81-2007 and appellees in No. 81-2010.

Carl N. Patterson, Jr., Raleigh, N. C. (Henry A. Mitchell, Jr., Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, Raleigh, N. C., William A. Marsh, Marsh & Banks, R. Roy Mitchell, Jr., Nye, Mitchell, Jarvis & Bugg, Durham, N. C., on brief), for appellee in No. 81-2007, and appellant in No. 81-2010.

Before RUSSELL and HALL, Circuit Judges, and JAMES C. CACHERIS, United States District Judge for the Eastern District of Virginia, sitting by designation.

DONALD RUSSELL, Circuit Judge:

This is an action by bondholders to recover of the defendant bank, an indenture trustee, damages arising out of alleged violations of its fiduciary duties. By agreement, the cause was tried to the court without a jury. After trial, the district court filed its "Memorandum of Decision," in which it found certain breaches of the duties on the part of the bank as trustee, rendered judgment against the trustee on account of certain such...

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