WICHITA FEDERAL SAVINGS AND LOAN ASSOCIATION; Northwestern Savings and Loan Association; City of Farmington, New Mexico; Mutual Federal Savings and Loan Association; First Federal Savings and Loan Association of Waterloo; and Security First Federal Savings and Loan Association, Plaintiffs,
v.
COMARK and Marine Midland Bank, N.A., Defendants.
MARINE MIDLAND BANK, N.A., Third-Party Plaintiff,
v.
E. Keith OWENS and Robert W. Bell, Third-Party Defendants.
United States District Court, S.D. New York.https://leagle.com/images/logo.png
February 25, 1985.
On Reargument May 1, 1985.
Attorney(s) appearing for the Case
Dewey, Ballantine, Bushby, Palmer & Wood, New York City, N.Y., for plaintiffs; Harvey Kurzweil, David B. Howorth, Jonathan W. Miller, Neil Tublin, New York City, of counsel.
Sullivan & Cromwell, New York City, N.Y., for defendant Marine Midland Bank, N.A.; Philip L. Graham, Jr., James W. Dabney, Robert F. Salvia, New York City, of counsel.
Rudolph W. Giuliani, U.S. Atty. for the S.D. of N.Y., New York City, N.Y., for U.S. Dept. of the Treasury; Paul K. Milmed, Asst. U.S. Atty., New York City, of counsel.
James H. Oltman, New York City, N.Y., for Federal Reserve Bank of New York, Board of Governors of the Federal Reserve System, and Federal Open Market Committee; Marysue Sullivan, Ashby G. Hilsman, New York City, N.Y., of counsel.
Michael Bradfield, Board of Governors and General Counsel, Federal Open Market Committee, Board of Governors of the Reserve System, Washington, D.C.; Marysue Sullivan, New York City, N.Y., of counsel.
United States District Court, S.D. New York.
LASKER, District Judge.
This motion presents the issue, simply stated though analytically complex, of whether defendant Marine Midland Bank, N.A. ("Marine"), or the plaintiffs, five savings and loan associations and a municipality,1 are entitled to priority in claiming ownership of eight government securities worth, according to their face value, $10.5 million. Marine moves for summary judgment to dismiss the claims asserted against it...
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