Case Name: Marvin R. Dye et al., as Trustees for Bondholders Under an Instrument of Trust, Appellants, v. Lincoln First Bank of Rochester, Formerly Lincoln Rochester Trust Company, et al., Respondents
Court: New York Court of Appeals
Jurisdiction: New York
Decision Date: 1975-12-04
Citations: 38 N.Y.2d 769
Docket Number: 
Parties: Marvin R. Dye et al., as Trustees for Bondholders Under an Instrument of Trust, Appellants, v Lincoln First Bank of Rochester, Formerly Lincoln Rochester Trust Company, et al., Respondents.
Judges: 
Reporter: New York Reports
Volume: 38
Pages: 769–771

Head Matter:
Marvin R. Dye et al., as Trustees for Bondholders Under an Instrument of Trust, Appellants, v Lincoln First Bank of Rochester, Formerly Lincoln Rochester Trust Company, et al., Respondents.
Argued October 20, 1975;
decided December 4, 1975
Walter J. Holloran for appellants.
G. Robert Witmer, Jr., for Lincoln First Bank of Rochester, respondent.
Bruce E. Hansen for Myron S. Lewis and others, respondents.

Opinion:
Memorandum. Order affirmed, with costs, on the reasons set forth in the opinion of the Appellate Division and because the prior grant of summary judgment, the "procedural equivalent of a trial" (Falk v Goodman, 7 NY2d 87, 91), is a binding final judgment on the merits which bars a subsequent action between the same parties for the same cause of action (Eidelberg v Zellermayer, 5 AD2d 658, 662-663, affd 6 NY2d 815; see, also, Klein v Gruss & Son, 18 AD2d 1085; Riley v Southern Transp. Co., 278 App Div 605; 6 Carmody-Wait, 2d, NY Practice, § 39:39, p 492).
Chief Judge Breitel and Judges Jasen, Gabrielli, Jones, Wachtler, Fuchsberg and Cooke concur in memorandum.
Order affirmed.