Legal Opinion
Herr v. Philadelphia Nat. Bank
Court of Appeals for the Third Circuit
Decided August 25, 1941No. 7739PublishedCited by 2 opinions
1Opinion of the Court
GOODRICH, Circuit Judge.
The use of current accounts receivable as a security device is attacked in this case by a trustee in bankruptcy.
The facts deemed pertinent by the court are not in dispute. In 1935 the Pusey, Maynes, Breish Company (now the bankrupt) assigned to the Philadelphia National Bank current accounts receivable to secure an existing indebtedness of $20,000. Pursuant to a contract between the parties, the company over a period of seventeen months collected the accounts assigned by it and deposited the proceeds with the Philadelphia National Bank in a special account from which…
2Cases cited10 opinions
- Benedict v. RatnerSupreme Court of the United States · 1925
- East Lewisburg Lumber & Manufacturing Co. v. MarshSupreme Court of Pennsylvania · 1879
- Batten v. Jurist (Northwestern Nat. Bank, Etc., Co.)Supreme Court of Pennsylvania · 1931
- In Re BaumgartnerCourt of Appeals for the Seventh Circuit · 1931
- Commonwealth Trust Co. of Pittsburgh v. Reconstruction Finance Corp.Court of Appeals for the Third Circuit · 1941
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3Cited by2 opinions
- In Re Portland Newspaper Publishing Co.District Court, D. Oregon · 1967
- In Re Pusey, Maynes, Breish Co.Court of Appeals for the Third Circuit · 1941