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MERRILL LYNCH, PIERCE, FENNER & SMITH, INC. v. CHIPETINE

221 A.D.2d 284 (1995)

634 N.Y.S.2d 469

Merrill Lynch, Pierce, Fenner & Smith, Inc., Respondent, v. Bernard Chipetine, Individually and as Trustee of Bernard Chipetine Profit Sharing Trust, Appellant

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

November 30, 1995

The salient facts are undisputed. In June 1982 defendant contracted with plaintiff to open an account for the Bernard Chipetine Profit Sharing Trust, an Employee Retirement Income Security Act pension plan, of which defendant is trustee. On or about March 25, 1986, plaintiff erroneously credited the account with 5,320 shares of Tyson Foods, Inc. An additional 5,320 shares were erroneously credited to the account after a stock split...

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