Corporations
In the Matter of a Proposal or Plan by Mortgage Commission of the State of New York to Exercise Certain of Its Limited Powers with Respect to a Mortgage Covering Premises Known as Lido Club Hotel, at Reynolds Channel, on the Island of Long Beach, County of Nassau, State of New York, Securing Mortgage Investments Guaranteed by Bond and Mortgage Guarantee Company and Designated as Guarantee No. 180,577. In the Matter of the Application of The Mortgage Corporation of New York, as Trustee for the Benefit of the Holders of Investments in Said Mortgage under a Declaration of Trust, Dated June 21, 1939, for an Order Instructing the Trustee as to the Institution and Prosecution of an Action against Title Guarantee and Trust Company, David J. Breen and Stephen H. Duryea, as Chairman and Treasurer Respectively of a Committee of Certificate Holders, Appellants; The Mortgage Corporation of New York, Respondent
261 A.D. 840·New York Supreme Court, Appellate Division·1941·NY
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Opinion
In the Matter of a Proposal or Plan by Mortgage Commission of the State of New York to Exercise Certain of Its Limited Powers with Respect to a Mortgage Covering Premises Known as Lido Club Hotel, at Reynolds Channel, on the Island of Long Beach, County of Nassau, State of New York, Securing Mortgage Investments Guaranteed by Bond and Mortgage Guarantee Company and Designated as Guarantee No. 180,577. In the Matter of the Application of The Mortgage Corporation of New York, as Trustee for the Benefit of the Holders of Investments in Said Mortgage under a Declaration of Trust, Dated June 21, 1939, for an Order Instructing the Trustee as to the Institution and Prosecution of an Action against Title Guarantee and Trust Company, David J. Breen and Stephen H. Duryea, as Chairman and Treasurer Respectively of a Committee of Certificate Holders, Appellants; The Mortgage Corporation of New York, Respondent.
[MAJORITY]
Order instructing the trustees under a certain indenture of trust to refrain from prosecuting an action against the Title Guarantee and Trust Company for a breach of duty claimed to affect all holders of participation certificates in a certain mortgage affirmed, with ten dollars costs and disbursements. No opinion. Lazansky, P. J., Hagarfy, Adel, Taylor and Close, JJ., concur.