Peterson v. National Discount Corporation

On March 28,1932, J. E. Peterson was appointed receiver of the insolvent Solon Grinding Company, a domestic corporation. This action was instituted by the receiver to set aside, as unlawful preferences, assignments of accounts receivable made by the insolvent corporation to the defendant within four months prior to the date of the filing of the application for the appointment of a receiver of the corporation, and to recover the amounts paid to defendant assignee on assignments made within that period. .

The trial court found that the assignments were given as security for payment of loans of…