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KEEGAN v. KEEGAN'S ESTATE

179 N.J. Super. 242 (1981)

431 A.2d 183

THOMAS F. KEEGAN, ADMINISTRATOR C.T.A. OF THE ESTATE OF EDWARD J. KEEGAN, ETC. PLAINTIFF, v. ESTATE OF EDWARD J. KEEGAN, ET ALS, DEFENDANTS.

Superior Court of New Jersey, Chancery Division Hunterdon County.

Decided April 7, 1981.

Attorney(s) appearing for the Case

Nathan Reibel for plaintiff.

Andrew M. Epstein for defendant City National Bank (Epstein, Epstein, Brown, Bosek & Turndorf, attorneys).

Stanley F. Friedman for trustees of trust fund for the benefit of bank shareholders, as intervenors (Simon, Schwartz, Sarver & Friedman, attorneys).

DREIER, J.S.C.

This case has a complicated factual and legal history, but raises here only one issue — the nature of the common law right of set-off. We are asked to decide the following: Where a party owes money to a bank and such party owns shares of stock which come into possession of the bank, can the bank claim those shares against the debt under its common law right of set-off? Due to the necessity of an immediate resolution of the problem, this court...

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