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The plaintiffs, siblings of Cecil D.B. King Jr., found certificates of deposit (CDs) issued in 1976 with a total face value of $5 million. In 1977, the bank paid the full value of the matured CDs to Irving Trust Company, which physically held the CDs. The plaintiffs sued the Bank of New York Mellon, as successor to Irving Trust, arguing they were owed the value of the CDs. However, the district and appeals courts found that under New York law, the 1977 payment discharged all liability on the CDs, as Irving

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