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DeCARLO v. HSBC BANK USA

50 A.D.3d 262 (2008)

853 N.Y.S.2d 881

PHILIP DeCARLO, Respondent, v. HSBC BANK USA, Appellant. (And a Third-Party Action.)

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

Decided April 1, 2008.

Defendant failed to demonstrate as a matter of law that it was the agent of the bond issuer, rather than the trustee of the funds for the bondholder's benefit (see Ehag Eisenbahnwerte Holding AG. v Banca Nationala a Romaniei, 306 N.Y. 242, 250-253 [1954]). Contrary to defendant's contention, this action on the bond is subject to the 20-year statute of limitations (CPLR 211 [a]). Issues of fact whether defendant was prejudiced by the...

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