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ISRAEL DISCOUNT BANK OF NEW YORK v. FIRST STATE DEPOSITORY COMPANY, LLC

Civil Action No. 7237-VCP.

ISRAEL DISCOUNT BANK OF NEW YORK, Plaintiff, v. FIRST STATE DEPOSITORY COMPANY, LLC and CERTIFIED ASSETS MANAGEMENT, INC., Defendants.

Court of Chancery of Delaware.

Decided: May 29, 2013.

Attorney(s) appearing for the Case

Paul D. Brown, Esq. , Joseph B. Cicero, Esq. , Stephanie S. Habelow, Esq. , COUSINS CHIPMAN & BROWN, LLP, Wilmington, Delaware; Attorneys for Plaintiff.

Beth Moskow-Schnoll, Esq. , David A. Felice, Esq. , BALLARD SPAHR LLP, Wilmington, Delaware; Attorneys for Defendants.

MEMORANDUM OPINION

PARSONS, Vice Chancellor.

This action arises out of a dispute over the handling of collateral for a $10 million loan consisting of rare coins and bullion. The primary lender, a New York bank, lent money to its client as part of a revolving credit agreement. The client, in turn, issued loans to various entities and took an interest in collateral for those loans. The New York bank had an interest in this collateral as a result of its security...

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