[Download] "Blaney v. Florida National Bank at Orlando" by United States Court of Appeals for the Fifth Circuit # Book PDF Kindle ePub Free

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eBook details

• Title: Blaney v. Florida National Bank at Orlando
• Author : United States Court of Appeals for the Fifth Circuit
• Release Date : January 07, 1966
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 64 KB

Description

TUTTLE, Chief Judge: Appellants (plaintiffs below) brought this action individually, and as representatives of a class comprised of the holders of ten per cent mortgage bonds, issued pursuant to a trust indenture agreement by Fischer-Electro-Magnetics, Inc., a now bankrupt corporation. The complaint alleges improper action by appellee-bank (and its Trust Officer) as trustee under said indenture agreement. In light of our disposition of the case, we do not elaborate upon the specific acts which appellants urge as a breach of the bank's fiduciary obligations as trustee, other than to note the substantiality of their claim. It should be noted, however, that the trust indenture contained an exculpatory clause, purporting to limit the trustee's liability to ""gross neglect of its duties hereunder or for failure to exercise good faith in the performance hereof."" In holding, as we do, that appellants' complaint does not state a federal claim, we are mindful of the possibility that the Florida courts may give effect to this exculpatory clause, thus rendering non-compensable an otherwise actionable breach of fiduciary duty on the part of the bank. See Smith v. Boyd, 119 Fla. 481, 161 So. 381 (1935).

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