#ABACUS FEDERAL SAVINGS BANK V. NEW YORK FREE#
In Board of Educ., Union Free School Dist.
Nevertheless, Diebold argues that the waiver-of-subrogation clause in its contract with Abacus acts as a total defense to the claims asserted by Abacus in its complaint. v Automatic Burglar Alarm Corp., 208 AD2d 495, 496 ). be less significant than they seem but on this record, plaintiffs have alleged the type of conduct that smacks of intentional wrongdoing and evinces a reckless indifference to the rights of others ( see Federal Ins. Rather, an Abacus employee discovered what had occurred when the branch opened for business on Monday morning, March 22, 2004. The police were not notified during the course of the burglary. savings banks, savings and loan associations and Abacus Federal Saving Bank. Bank v Lim: 2010 NY Slip Op 06143 75 AD3d 472 July 20, 2010: Appellate Division, First Department: Published by New York State Law Reporting Bureau pursuant to Judiciary Law 431. The amended complaint alleges that the burglars stole $589,749.55 in cash from the safe and property valued at $926,512 from the safe deposit boxes. Banking Profile Region: New York New York The Federal Savings Bank. Once in the vault, the burglars gained access to a safe storing the branch's overnight cash and over 20 safe deposit boxes belonging to Abacus' customers. According to security camera images taken during the course of the incident, the burglars located the vault inside and, during a several hour period, used large acetylene gas tanks as blow torches to break down one of the vault's concrete and metal walls. Following the close of business on Saturday, March 20, 2004, burglars forced their way into the branch through a back entrance door and a second interior door. It provides a variety of deposit services, including the leasing of safe deposit boxes to its customers. We conclude that Abacus has adequately stated a cause of action for breach of contract as against ADT for its alleged losses other than losses allegedly sustained by its safe deposit box customers.Ībacus is a federally chartered savings and loan association with a branch located in Lower Manhattan (the branch). We affirm the dismissal of the complaint with one exception. (ADT) and Diebold, Incorporated (Diebold) to recover damages under tort and contract theories for losses incurred during a burglary of the bank. However, it is New Yorks public policy that a party cannot insulate itself from damages caused by grossly negligent conduct ( Sommer v. Plaintiff Abacus Federal Savings Bank (Abacus) commenced this action against defendants ADT Security Services, Inc. ADT Security Services, Inc., 18 N.Y.3d 675, see flags on bad law, and search Casetext’s comprehensive legal database.
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