Friedman v. First National Bank

This is an action by the assignee for the benefit of creditors of Calco Products, Inc. (Calco), a Massachusetts corporation, to recover sums deposited with the defendant by Calco and to enforce payment of two checks drawn on the defendant by Galco and payable to the plaintiff. The case was referred to an auditor whose findings were not to be final. It appears from his report that on May 4, 1956, Galco assigned in writing all of its assets to the plaintiff for the benefit of creditors. On this date, the balance of Galco’s commercial checking account with the defendant was $2,682.88. In…