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WAY v. CAMDEN SAFE DEPOSIT & TRUST CO.

October 29, 1937

WAY et al.
v.
CAMDEN SAFE DEPOSIT & TRUST CO. et al.



The opinion of the court was delivered by: AVIS

The plaintiffs, as substituted trustees appointed by this court to take over the execution of a certain trust created by the First National Bank of Ocean City, N.J. (hereinafter called the bank), now insolvent, bring this action for the purpose of discovering the amount of money the trust is entitled to from the securities and funds of the bank placed in its trust department to secure trust funds, used by the bank in its commercial department, and for decrees appointing a trustee or trustees to take over and liquidate the entire trust fund now in the hands of the receiver of said bank.

The bill sets out the date of insolvency of the bank, the taking over by the Comptroller of the Currency, and the appointment of a receiver; that the bank at the time of insolvency had certain trust funds and property, the administration of which devolved upon the receiver on his appointment; that the plaintiffs were appointed substituted trustees for the GG Mortgage Pool on March 13, 1933; that the bank had collected the amount due on a certain mortgage in this pool in the sum of approximately $70,000, which was not turned over to the substituted trustees.

 The bill then sets out sundry other trusts which were controlled by the bank at the time of its insolvency, including private and court trusts and also the mortgage pools; that the bank had set aside certain collateral in its trust department to secure the moneys intrusted to it, and that the plaintiffs and defendants claim to have some interest in these trust securities; that the receiver of the bank turned over to the plaintiffs certain securities and deeds for property, but neglected to pay $72,500, collected on sundry mortgages theretofore placed in the trust by the bank, to the GG Mortgage Pool.

 The bill then sets out certain securities in the hands of the bank in its trust department, held as collateral for trust funds, and alleges that the said securities so reported are collateral for the said sum of $72,500 belonging to the GG Mortgage Pool and also for the other trusts enumerated therein.

 The bill then alleges that the parties interested in the collateral are unable to agree upon the amount to be allocated to each individual trust, and that the receiver, upon whom the administration of said trust has devolved, is without authority to enter into such agreement.

 The prayers are briefly:

 (1) That the defendants answer.

 (2) That discovery be made as to the claims of all parties interested in the collateral.

 (3) That all claimants set forth in detail the basis of their claims.

 (4) That this court ascertain and determine the value of securities, and allocate to each claimant his or her proportionate share.

 (5) That if the collateral cannot be divided,

 (a) A trustee be appointed to sell the collateral and divide the proceeds;

 (b) If it is determined the collateral should not be sold, to hold same in care of the trustee until the arrival of ...


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