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partnership. Michael, as managing general partner, completed the
requisite form opening a new account with M.L. Stern & Co. for
the partnership. The form designated Michael as the “individual
* * * authorized to enter orders on behalf of customer”. Neil
Hattem served as decedent’s broker and subsequently as the broker
on the HFLP account.
Letters dated September 30, 1994, were then sent by decedent
to Putnam Investor Services and to Franklin Templeton requesting
transfer of the respective Putnam and Franklin Fund accounts to
HFLP. Lastly, by a letter dated November 22, 1994, decedent
requested transfer of the Trust’s stock in Rockefeller Center
Properties to the partnership.
During this period, on September 23, 1994, Michael opened a
checking account at Bank of America in the name of the
partnership with a $200 deposit. Thereafter, the first activity
in the account, other than the debiting of a monthly service
charge, was a deposit on October 13, 1994, of $3,750 representing
interest paid on the Marsh note. The check register maintained
by Michael, in conjunction with his explanatory testimony,
reflects checks written for the benefit of HFLP partners in 1994
and 1995, as follows:
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