Caplin v. Marine Midland Grace Trust Co. - 406 U.S. 416 (1972)

U.S. Supreme Court

Caplin v. Marine Midland Grace Trust Co., 406 U.S. 416 (1972)

Caplin v. Marine Midland Grace Trust Co. of New York

No. 70-220

Argued March 28, 1972

Decided May 22, 1972

406 U.S. 416

Syllabus

Petitioner, the trustee of Webb & Knapp, Inc., under Chapter X of the Bankruptcy Act, does not have standing to assert, on behalf of holder of debentures issued by Webb & Knapp, claims of misconduct by an indenture trustee. Pp. 406 U. S. 417-435.

439 F.2d 118, affirmed.

MARSHALL, J., delivered the opinion of the Court, in which BURGER, C.J., and STEWART, POWELL, and REHNQUIST, JJ., joined. DOUGLAS, J., filed a dissenting opinion, in which BRENNAN, WHITE, and BLACKMUN, JJ., joined, post, p. 406 U. S. 435.