New York Credit Men's Ass'n v. Schnur

AUGUSTUS N. HAND, Circuit Judge.

Meyer Prince and George Prince, a copartnership doing business as Paris Maid Dress Company, and also as Prince Dress Company, made agreements with the appellant Max Schnur under which they were to assign to Schnur certain of their accounts for merchandise as • collateral security- for loans thereon, and Schnur was to advance 70 per cent, of the face of the accounts. The agreements provided for payment by the borrowers of a service charge of 3 per cent, upon the net amount advanced by the lender for a period of thirty days. This charge was afterwards reduced to…