Clinton Trust Company Share certificate 1957 New York

Description

One bearer share certificate of  "Clinton Trust Company" Share certificate 1957,New York.Cancellation holes at lower area of the document.Condition (opinion) : Very Fine (VF)
.
Portrait :Dewitt Clinton .Certificate measures: 29 cm x 19,5cm .Dry seal.Two hand signatures.Printer:Security Bank Note Company .See below related information from the web.
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Banknote Grading
UNC
AU
EF
VF
F
VG
G
Fair
Poor
Uncirculated
About Uncirculated
Extremely Fine
Very Fine
Fine
Very Good
Good
Fair
Poor
Edges
no counting marks
light counting folds OR...
light counting folds
corners are not fully rounded
much handling on edges
rounded edges
Folds
no folds
...OR one light fold through center
max. three light folds or one strong crease
several horizontal and vertical folds
many folds and creases
Paper
color
paper is clean with bright colors
paper may have minimal dirt or some color smudging, but still crisp
paper is not excessively dirty, but may have some softness
paper may be dirty, discolored or stained
very dirty, discolored and with some writing
very dirty, discolorated, with writing and some obscured portions
very dirty, discolored, with writing and obscured portions
Tears
no tears
no tears into the border
minor tears in the border, but out of design
tears into the design
Holes
no holes
no center hole, but staple hole usual
center hole and staple hole
Integrity
no pieces missing
no large pieces missing
piece missing
piece missing or tape holding pieces together
Clinton Trust Company
1929 Established Clinton Trust Company
01/01/1959 Merge To State Chase Manhattan Bank
09/01/1965 Convert Federal Chase Manhattan Bank, N.A
07/14/1996 Merge To State Chemical Bank
07/14/1996 Name Change To Chase Manhattan Bank
11/13/2004 Convert Federal JPMorgan Chase Bank
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Bank Building, Clinton (1881)
The building at 79 High Street in Clinton was built in 1881 to house two banks: the Clinton Savings Bank and the First National Bank of Clinton, which became the Clinton Trust Company in 1919. The Clinton Savings Bank moved to a new building in 1929. The building at 79 High Street housed various successor banks to the Clinton Trust Company. It is currently home to a branch of Santander Bank.
The opinion of the court was delivered by HEHER, J.
The essential question here is whether assets transferred by the Clinton Trust Company to the Newark Mortgage Company, a subsidiary holding company, "were impressed with a trust" for the benefit of the holders of participation certificates issued by the Mortgage Company to depositors of the Trust Company as of March 3, 1933, when it suspended business in accordance with the Presidential proclamation of a "bank holiday," enforceable against the surplus remaining upon the dissolution and liquidation of the Trust Company now in process, to the extent of the value of such of the assets as were retransferred to the Trust Company. The Trust Company was insolvent at the time business was suspended.
The transfer to the Mortgage Company was made pursuant to a plan of reorganization of the Trust Company formulated by a depositors' committee under ch. 116 of the Pamphlet Laws of 1933, and approved by depositors and creditors of the institution having in sum the minimum statutory interest and the Commissioner of Banking and Insurance, effective December 26, 1933. Vide Basen v. Clinton Trust Co., 115 N.J.L. 546(E. A. 1935). The retransfer of assets was made under a provision of the plan of reorganization reserving to the Trust Company "the right to substitute any of the assets which remains in its possession after the transfer of assets to the holding company."