General Capital Corp. v. Tel Service Co.

Appellant General Capital Corporation, the defendant below, appealed from a final decree in favor of Appellee Tel Service Co., Inc., the plaintiff below.

Tel Service’s complaint alleged that the parties entered into a written agreement dated August 13, 1959, later amended. The agreement provided that the plaintiff would sell to the defendant, at a discount, the accounts receivable and commercial paper from plaintiff’s sales; that the plaintiff would endorse all paper transferred with recourse; and that it was plaintiff’s obligation to repurchase defaulted items. The agreement was accompanied…