Civil Procedure · MBE-tested
In the Matter of the Application of The People of the State of New York by George S. Van Schaick, as Superintendent of Insurance of the State of New York, for an Order to Take Possession of the Property of and Rehabilitate the Lawyers Westchester Mortgage and Title Company; In the Matter of a Plan of Readjustment, Modification or Reorganization of the Rights of the Holders of Mortgage Investments in a Certain Mortgage Guaranteed by Lawyers Westchester Mortgage and Title Company, and Designated as Issue No. 5-7902; In the Matter of the Application for Instructions as to Disposition to Be Made of Dividend Payment on Account of Claim Allowed on Guaranty. Frederick H. Hurdman and Others, Comprising the Firm of Hurdman & Cranstoun, Appellants; Oliver W. Birckhead and Others, as Successor Trustees for Series 5-7902 of Lawyers Westchester Mortgage and Title Company, William A. Davidson, Mt. Kisco National Bank & Trust Company, and Other Certificate Holders, Respondents
262 A.D. 878·New York Supreme Court, Appellate Division·1941·NY
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Opinion
In the Matter of the Application of The People of the State of New York by George S. Van Schaick, as Superintendent of Insurance of the State of New York, for an Order to Take Possession of the Property of and Rehabilitate the Lawyers Westchester Mortgage and Title Company. In the Matter of a Plan of Readjustment, Modification or Reorganization of the Rights of the Holders of Mortgage Investments in a Certain Mortgage Guaranteed by Lawyers Westchester Mortgage and Title Company, and Designated as Issue No. 5-7902. In the Matter of the Application for Instructions as to Disposition to Be Made of Dividend Payment on Account of Claim Allowed on Guaranty. Frederick H. Hurdman and Others, Comprising the Firm of Hurdman & Cranstoun, Appellants; Oliver W. Birckhead and Others, as Successor Trustees for Series 5-7902 of Lawyers Westchester Mortgage and Title Company, William A. Davidson, Mt. Kisco National Bank & Trust Company, and Other Certificate Holders, Respondents.
[MAJORITY]
Appeal from a resettled order in so far as it involves a denial of the payment to any creditor of the trust estate created under the Sehackno Act (Laws of 1933, chap. 745) out of a dividend declared by the Superintendent of Insurance, as liquidator of the Lawyers Westchester Mortgage and Title Company, for the benefit of holders of mortgage participation certificates. Order, in so far as appealed from, affirmed, with ten dollars costs and disbursements. No opinion. Lazansky, P. J., Hagarty, Carswell, Adel and Close, JJ., concur. [176 Misc. 435.]