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AG CAPITAL FUNDING PARTNERS, L.P. v. STATE STREET BANK AND TRUST COMPANY

10 A.D.3d 293 (2004)

781 N.Y.S.2d 88

AG CAPITAL FUNDING PARTNERS, L.P., et al., Plaintiffs, v. STATE STREET BANK AND TRUST COMPANY, Defendant and Third-Party Plaintiff-Respondent-Appellant. SALOMON SMITH BARNEY INC., et al., Third-Party Defendants-Appellants-Respondents. (And Another Action.)

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

Decided August 19, 2004.

Defendant and third-party plaintiff State Street Bank and Trust Company acted as trustee under certain indentures held by plaintiffs and secured by a pool of collateral. The collateral trust agreement, under which nonparty Bankers Trust Company acted as collateral trustee, contains provisions that permit additional debt to be secured when issued. To secure additional debt, the agreement states that the agents, trustees or similar representatives of the holders of such indebtedness...

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