Opinion
March, 1933.
Appeal from Supreme Court, New York County.
Present — Finch, P.J., Martin, O'Malley, Sherman and Townley, JJ.; O'Malley, J., dissents.
The action was brought for moneys loaned to and upon a promissory note given in the name of a syndicate formed to deal in the capital stock of the Broadway National Bank and Trust Company of New York and appointing appellants as managers thereof. Plaintiff's appeal is from the dismissal of complaint upon the merits as against all defendants except appellants. Defendants' appeal is from a money judgment against the managers and in favor of the plaintiff.
Judgment so far as appealed from by the plaintiff affirmed, with costs to the defendants, respondents, against the plaintiff; judgment appealed from by the defendants Walter E. Bedell, Myer Davidow and Louis Eisenberg affirmed, with costs to the plaintiff against said defendants. No opinion.
In my opinion the defendants Bedell, Davidow and Eisenberg are not to be regarded as trustees and the other syndicate members beneficiaries, so far as strangers to the syndicate are concerned. The named defendants, as members of the syndicate, were, it seems to me, mere agents for all of its members. Practical expediency required that broad powers be granted to a limited number. Agents as well as trustees may have plenary powers. I, therefore, dissent and vote for a reversal of the judgment and for a new trial at which a determination of all issues tendered may be had.