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SEIDMAN v. MERCHS. BANK

214 A.D.2d 109 (1995)

631 N.Y.S.2d 309

Morris Seidman, as Trustee of The MS Jewelry Manufacturing Co., Inc. Employees Retirement Trust Fund, on Behalf of the Beneficiaries, Appellant, v. Merchants Bank of New York et al., Respondents

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

September 7, 1995

Attorney(s) appearing for the Case

Ronald Francis of counsel (Jeffrey D. Buss on the brief; Smith, Buss & Jacobs, attorneys), for appellant.

Mitchell Shenkman of counsel (Simon, Meyrowitz, Meyrowitz & Schlussel, attorneys), for respondents.

WALLACH, J. P., RUBIN, ASCH and NARDELLI, JJ., concur.

TOM, J.

The issue raised on this appeal concerns whether a bank may apply a certificate of deposit owned by an employees retirement trust fund to the debt of the employer in light of the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).

MS Jewelry Manufacturing Co., Inc. (MS Jewelry) maintains a pension fund for its employees entitled the MS Jewelry Manufacturing Co., Inc. Employees...

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