Morris v. Cantor

390 F. Supp. 817 (1975)

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Morris v. Cantor

United States District Court for the Southern District of New York
390 F. Supp. 817 (1975)

SC

Facts

Interstate Department Stores, Inc. (the company) (defendant) issued 4 percent convertible subordinated debentures pursuant to an indenture agreement. The Bankers Trustee Company (the bank) (defendant) was the trustee. The indenture agreement contained the terms that the Securities and Exchange Commission (SEC) required, and the agreement was registered with the SEC. Subsequently, the bank extended a large line of credit to the company, such that the bank became a preferred creditor of the company, with priority over the holders of the convertible debentures. Robert Morris (plaintiff) sued the company and the bank, alleging a violation of the Trust Indenture Act of 1939 (the act). The bank filed a motion to dismiss for failure to state a claim upon which relief could be granted.

Rule of Law

Issue

Holding and Reasoning (Ward, J.)

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