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U.S. BANK NATIONAL ASSOCIATION v. APP INTERNATIONAL FINANCE COMPANY, B.V.

29 A.D.3d 394 (2006)

815 N.Y.S.2d 66

U.S. BANK NATIONAL ASSOCIATION, Respondent, v. APP INTERNATIONAL FINANCE COMPANY, B.V., et al., Appellants. (And Another Action.)

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

May 16, 2006.

Defendants issued and/or guaranteed the notes and then failed to make payment. They challenge the right of plaintiff trustee to bring this action on the ground that it failed to satisfy the preconditions necessary to sue under the indentures. The trustee, in these circumstances, has standing to sue for nonpayment of the notes on behalf, and for the benefit, of all of the noteholders. Those noteholders also have a right to sue under...

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