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BEAL SAV. BANK v. SOMMER

8 N.Y.3d 318 (2007)

865 N.E.2d 1210

834 N.Y.S.2d 44

BEAL SAVINGS BANK, Appellant, v. VIOLA SOMMER et al., as Trustees of a Trust under the Will of SIGMUND SOMMER, Deceased, Respondents.

Court of Appeals of the State of New York.

Decided March 22, 2007.

Attorney(s) appearing for the Case

Hawkins, Parnell & Thackston, LLP (Robert B. Gilbreath, of the Texas bar, admitted pro hac vice, of counsel), Schulte Roth & Zabel LLP, New York City (Michael L. Cook and Curtis J. Weidler of counsel), and Jenkens & Gilchrist, Dallas, Texas (Theodore W. Daniel of counsel), for appellant.

Skadden, Arps, Slate, Meagher & Flom LLP, New York City (Scott D. Musoff, Preeta D. Bansal and Jay B. Kasner of counsel), for respondents.

Judges CIPARICK, GRAFFEO and PIGOTT concur with Chief Judge KAYE; Judge SMITH dissents in a separate opinion; Judges READ and JONES taking no part.

OPINION OF THE COURT

Chief Judge KAYE.

We are asked to determine whether one lender in a syndicated loan arrangement has standing to sue for breach of contract, contrary to the will of the other 36 lenders to forbear from taking action. The specific, unambiguous language of several provisions, read in the context of the agreements as a whole, convinces us that, in...

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