PUTMAN HIGH YIELD TRUST v. BANK OF NEW YORK


7 A.D.3d 439 (2004)

776 N.Y.S.2d 796

PUTMAN HIGH YIELD TRUST ET AL., Appellants, v. BANK OF NEW YORK, Respondent.

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

May 25, 2004.


Under the terms of the Trinidad Depository Agreement, read as a whole in order to effectuate its purpose, the failure to deposit project revenues into the Trinidad Revenue Account constituted a breach of the agreement. However, with regard to the alleged failure to notify bondholders or rating agencies of a default, the terms of the Indenture did not require defendant to act unless it had written notice of default. There is no allegation of such notice. Section 9.3 of the...

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