Central Bank v. United States

On December 30,1944, the Graham Ship Repair Company, a partnership of Oakland, California, hereinafter referred to as the Graham Company, entered into a contract with the Navy Department for certain ship repair work. After the execution of the contract, the Graham Company arranged with plaintiff, a banking institution, for the financing of the work under contract and as security for funds to be advanced, the Graham Company, on January 31, 1945, assigned to plaintiff the proceeds payable to it under the contract, such assignment being made pursuant to the provisions of the Assignment of Claims…