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CITY BANK FARMERS TRUST CO. v. HOEY

52 F.Supp. 665 (1942)

CITY BANK FARMERS TRUST CO. v. HOEY.

District Court, S. D. New York.

November 12, 1942.

Attorney(s) appearing for the Case

Mitchell, Taylor, Capron & Marsh, of New York City (Rollin Browne and George Craven, both of New York City, of counsel), for plaintiff.

Mathias F. Correa, U. S. Atty., of New York City (James A. Devlin, Asst. U. S. Atty., of New York City, of counsel), for defendant.

CLANCY, District Judge.

Plaintiff owned five different issues of City of Detroit coupon unsecured bonds, payable to bearer, all of which were in default in the payment of interest and had been purchased after such default. No provision for acceleration of principal on default in interest payments appears on the face of the bond and we conclude, since they were unsecured, there was none. Therefore, we find payment of principal was not yet due. Plaintiff joined with...

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